Etsy cuts its workforce by 15% following profit loss
![Etsy](https://www.jewelleryfocus.co.uk/wp-content/uploads/2017/06/Handmade_Jewelries-e1498126760992-780x470.jpg)
Etsy has announced it will be cutting 140 positions, or approximately 15% of its total work force to โimprove resultsโ.
The hand-made gift retailers, which is popular among jewellery makers, reported $421,000 (ยฃ332,505) in losses during the first quarter of the year, down from more than $1m (ยฃ789,800) the same quarter the year before.
The business has been making a loss every year since at least 2012, according to its annual report.
Josh Silverman, Etsyโs chief executive cfficer, said: โMy conviction that Etsy has a unique opportunity within the e-commerce space has intensified during my initial weeks as CEO.
โOur vibrant community, strong brand affinity, 45 million listings, and ability to connect people through commerce provide us with a differentiated offering and solid foundation for growth.
โBy focusing on our โvital fewโ initiatives, we will be a more disciplined company that is better positioned to create the worldโs most compelling buying and selling experience.โ
Josh added: โIn order to drive focus, we took decisive steps to double down on the fewest, highest-impact initiatives in our core marketplace while de-prioritising other projects and streamlining our resources.
โParting ways with our colleagues is not easy and I am thankful for their contributions. We are moving forward with a more nimble structure that supports our current business needs and allows for faster execution so we can better serve creative entrepreneurs around the world.โ