Shopify Inc. says it will lay off 10 per cent of its workforce because the company misjudged the growth of e-commerce.
The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is launching a handful of business management and sales tools to help entrepreneurs "future-proof" their companies as they grapple with COVID-19. THE CANADIAN PRESS/Justin Tang
Shopify will also eliminate "overspecialized and duplicate" roles as well as groups that Lutke said were "convenient to have but too far removed from building products." "We couldn't know for sure at the time, but we knew that if there was a chance that this was true, we would have to expand the company to match," Lutke said.Shopify has recently seen people are reverting to pre-pandemic shopping habits. While e-commerce is still growing steady, Lutke said it doesn't amount to a five-year leap ahead, forcing Shopify to make cuts.
Amid a broad market sell-off that has particularly weighed on the tech sector, the price of Shopify's stock has sunk more than 70 per cent since its late 2021 peak of $2,228.73. It sat at $40.40 in mid-morning trading Tuesday.
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