Wayfair is laying off 13% of its global workforce, including 19% of its corporate team, the company announced Friday.

Wayfair's shares (W) rose about 16% in premarket trade as Wayfair said that the latest job cuts would result in annualized cost savings of more than $280 million.

This is the home goods retailer’s third restructuring since the summer of 2022, CNBC reports.

Wayfair said it now expects to deliver over $600 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2024. Analysts on average expect $479.3 million, according to LSEG data.</

“The changes announced today reflect a return to our core principles on resource allocation,” Wayfair’s CEO and cofounder Niraj Shah said in a statement. “Although persistent category weakness makes revenue growth challenging, we remain encouraged by the share gains we continue to see.”

Hasbro, Etsy and Macy’s recently announced cuts to their workforces of 1,100, 225 and 2,300, respectively, amid easing consumer demand and an increasingly uncertain economy.

During the pandemic, consumers quarantined at home and flush with stimulus cash splurged on home goods, exercise and food items, and Wayfair’s business exploded.

Shah said the cuts were not a result of fourth-quarter performance but were proactive measures to shore up profits and ensure its staffing levels are in sync with customer demand.

Last year, Wayfair had said it would cut 1,750 jobs, or about 10% of its workforce.

The company had a global workforce of about 17,505 employees as of the end of 2022, according to a 2023 proxy statement.

(With reporting by Reuters)