The layoffs will mostly impact workers in the product and engineering department, Chief Executive Kruti Patel Goyal said in ‌an email to employees. We didn't start this work with ⁠a cost reduction target or a goal of making Etsy smaller," she said. Patel Goyal said ‌that the cuts also "weren't driven by AI." The company's audit committee also approved a new stock repurchase program that authorizes Etsy to repurchase up to ​an additional $2 billion of ‌its common stock, according to the SEC filing. Etsy reported results on ​Wednesday after the market close.