Etsy (ETSY.US) reported revenue that exceeded expectations but cut 12% of its workforce. The new CEO stated, "We are restructuring for growth."

According to Zhitong Financial APP, Etsy (ETSY.US) announced on Wednesday that it will cut approximately 220 positions, accounting for about 12% of its total workforce. This move aims to streamline its organizational structure and accelerate innovation in the face of increasing competition in the e-commerce sector.