Shopify is cutting roughly 1,000 workers, or 10% of its global workforce.
Shopify Inc. SHOP -15.58%▼ is cutting roughly 1,000 workers, or 10% of its global workforce, rolling back a bet on e-commerce growth the technology company made during the pandemic, according to an internal memo.
Shopify, which helps businesses set up e-commerce websites, has warned that it expects revenue growth to slow this year. The company will cut jobs in all its divisions, though most of the layoffs will occur in recruiting, support and sales units. Shopify's shares fell 15% to about $31 in Tuesday morning trading. Shopify's workforce has increased from 1,900 in 2016 to roughly 10,000 in 2021. Shopify reported annual revenue growth of 86% in 2020 and 57% in 2021 to about $4.6 billion. The company reported a softening this year, and warned that 2022's numbers wouldn't benefit from pandemic trends.
Source and details : https://www.wsj.com/articles/shopify-to-lay-off-10-of-workers-in-broad-shake-up-11658839047