Wayfair Inc (NYSE:W) shares are trading higher by over 15% after the company disclosed workforce reduction as a part of right-sizing its cost structure. The company disclosed a job cut of around 1,650 employees, representing about 13% of its global workforce and about 19% of its corporate team, both as of December 31, 2023. As a result of the job cuts, Wayfair expects to incur costs of around $70 million-$80 million, primarily of employee severance and benefit costs, most of which are expected to be incurred in the first quarter of 2024. The move is projected to deliver annualized cost savings…