January isn't over yet, but Wayfair (NYSE: W) stock is already up a whopping 71% to start the year.

After shares of the online home furnishings retailer plunged 83% in 2021, the recovery seems to show that investors now see an opportunity in the beaten-down growth stock. 

Much of Wayfair's gain this year came in a two-day stretch, when the stock jumped 52% after the company announced the next step in its plan to cut costs by $1.4 billion a year. Management said that it would lay off 1,750 employees, or 10% of its workforce. This includes 1,200 corporate employees, or 18% of its entire corporate staff. Those employees tend to be higher paid, and the company said that including the round of layoffs it announced in August, it's now cut labor costs by $750 million annually.

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Source Fool.com