UPDATE 1-Online furniture retailer Wayfair to cut 1,650 jobs to trim costs
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Jan 19 (Reuters) - Online furniture retailer Wayfair said on Friday it would lay off about 1,650 employees, or 13% of its global workforce, as it looks to trim costs.
The company's shares rose about 8% in premarket trade as Wayfair said that the latest job cuts would result in annualized cost savings of more than $280 million.
Last year, Wayfair had said it would cut 1,750 jobs, or about 10% of its workforce.
The company had a global workforce of about 17,505 employees as of the end of 2022, according to a 2023 proxy statement. (Reporting by Granth Vanaik in Bengaluru; Editing by Savio D'Souza)
