Shares of Etsy (ETSY) fell Wednesday after the e-commerce platform💮 announced it would be laying off 11% of its employees. The company's Chief Marketing Officer will also be stepping down.🌳

News of the restructuring broke in an 澳洲幸运5官方开奖结果体彩网:8-K filing submitted to the Securꦆities and Exchange Commission on December 12.

Etsy plans to lay off 225 employees, bringing the company's headcount back to early 2022 levels.

The company anticipates $25 million to $30 million in associated charges including severance packages and employee benefits; these costs will mostly affect the company's fourth-quarter balance sheet.

Etsy said in the filing that the restructuring wouldn't have a material impact on the company's main guidance metrics in the fourth quarter.

The company projects consolidated fourth-quarter Gross Merchandise Sales will decline between 1% and 2%, in line with the company's projections in its third-quarter earnings release. The company also said it expects revenue to increase between 2% and 3% in the final quarter of the year, while 澳洲幸运5官方开奖结果体彩网:EBITDA margin is pegged at 27% to 28%.

As part of the restructuring, Chief Marketing Officer Ryan🍨 Scott will depart his current role at the end of the year, though he will stay on in an advisory capaci🦄ty through June 2024.

Etsy shares fell 2.2% to close Wednesday's session at $83.97. The stock is now down 26% for the year.