Wayfair Inc. /zigman2/quotes/201071690/composite W +7.70% stock sank 8.5% in Thursday trading after the e-commerce home design retailer said in a statement that it has cut about 3% of its global workforce, or about 550 jobs, as part of a restructuring. The cuts are part of ongoing evaluations for efficiencies, the company said in a statement. Wayfair also says that it continues to hire for many roles. According to its most recent earnings report, Wayfair had more than 16,000 employees across North America and Europe. Wayfair also said that its wider-than-expected losses in that last earnings report were due to tariffs, which some analysts pushed back against. "A slowdown in growth was attributed to the impact of tariffs, but we are increasingly concerned that growth may be entering a more mature phase," said KeyBanc Capital Markets at the time. Wayfair stock is down 27% over the last year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.12% is up 22.6% for the period.