Zillow Group (NASDAQ: Z, ZG) has announced plans to lay off more than 500 employees.
In a corporate blog post, CEO Jeremy Wacksman claimed the company was “grateful to every person who is leaving and we’re supporting them through this transition.”
However, Wacksman did not explain why the layoffs were taking place, which departments within Zillow would be impacted, or what timeline was being used for removing the workers. Zillow employs roughly 7,000 employees, and losing about 500 people would be a 7% reduction in staff.
“Continuing to grow at scale requires us to work differently than we do today,” he stated. “In support of that goal, we’ve made changes to our organization that require the elimination of some roles today. These changes are about ensuring we have a disciplined cost structure and getting more efficient, with the right people in the right positions.”
“None of this affects what Zillow is fundamentally about,” he added. “Our mission and purpose remain steadfast — we’re making getting home a reality for more and more people.”
Wacksman’s announcement marks the second time this year that Zillow cut hundreds of employees. Last January, the Seattle-based company laid off approximately 200 employees.
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