Canadian tech giant Shopify Inc.’s share price fell by more than 14 per cent Tuesday after revealing it will lay off 10 per cent of its workforce because the…
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.
Yet Shopify is not alone in laying off workers. Over the last few months, Wealthsimple, Klarna, Twitter and Netflix have all shed staff as investor exuberance around tech stocks has faded, inflation has soared to an almost 40-year high and recession rumours have loomed. The cuts coupled with Shopify’s recent performance increases the likelihood the company will lower its outlook, when it releases its latest earnings Wednesday.
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