Online furniture retailer Wayfair said on Friday it would lay off 730 employees as it exits the German market to focus on investments in core businesses.

Wayfair stock fell Friday morning after the online furniture seller said it was shutting down its business in Germany and cutting a little over 700 jobs in a bid to focus on more profitable growth areas.

Wayfair, an early e-commerce disruptor, wants to focus more on physical retail and has decided to exit the German market and cut 730 jobs as a result.

Germany on Friday registered three cases of foot-and-mouth disease in water buffalo on a farm near Berlin, the country's first reported cases of the livestock disease since 1988. Water buffalo have been in Germany since the 1990s,

An outbreak of the highly contagious foot-and-mouth disease (FMD) has been detected in a herd of water buffaloes in the eastern German state of Brandenburg, not far from Berlin. The outbreak represents the first known cases of FMD in Germany since 1988,