140 layoffs announced at Etsy

The belt continues to tighten at Brooklyn's biggest tech company.

Inside Etsy's Dumbo headquarters.

(Photo courtesy of Etsy)

These are challenging times over at Brooklyn’s largest tech company, Etsy.

The Wall Street Journal reports that the company plans to cut 15 percent of its workforce, about 140 workers, in an effort to trim costs.

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The move comes after the resignations of the company’s CEO and CTO and 80 workers last month. The company also rescinded its summer internship offers to college students just weeks before the program was set to begin. The moves came after a quarterly report showing poor revenue growth and high spending at the online crafts marketplace.

Investors are cheering the moves, with Etsy’s stock up 41 percent since the May 2 firing of its leadership.

Companies: Etsy
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