Wayfair (W) said in a regulatory filing Friday that it is reducing its technology team by 340 employees as part of a restructuring effort to "reshape, streamline, and refocus" its technology operations following certain milestones that were completed.

The company expects to incur charges between $33 million and $38 million, primarily for severance, benefits, and transition costs, with most payments to be made over the next 12 months.

While near-term transition costs will largely offset structural cost savings, Wayfair said it expects incremental savings to begin in H2 and extend into early 2026.

Shares were over 3% higher in recent premarket activity.