Why Is Wayfair (W) Stock Tanking Today - Wayfair (NYSE:W)

E-commerce marketplace Wayfair Inc W looks to slash 870 jobs to save costs amid the economic slowdown.
The job cut constitutes 5% of its global workforce and 10% of the corporate team.
Wayfair also looked towards “substantial” reductions in third-party labor costs.
Wayfair looks to book $30 million and $40 million of costs, consisting primarily of employee severance and benefit costs, likely to incur in the third quarter of 2022.
In other cost-cutting news, Snap Inc SNAP aborted the development of its Pixy flying selfie camera to cut costs amid economic uncertainties.
Recently, Alphabet Inc GOOG GOOGL Google launched initiatives to boost productivity while not ruling out layoff options.
Netflix, Inc NFLX, Twitter, Inc TWTR, and Tesla, Inc TSLA downsized the workforce amid the slowdown.
Price Action: W shares traded lower by 7.49% at $66 in the premarket on the last check Friday.
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