Shopify Inc.'s president is arguing the company is in an “enviable” position, even as it continues to express regret over misjudging the growth of the e-commerce market - a move that forced a dramatic number of job cuts Tuesday.
Harley Finkelstein detailed on Wednesday how his Ottawa software company has been facing a reckoning after it anticipated the amount of shopping people carry out online, instead of at brick-and-mortar retailers, would permanently leap ahead by five or 10 years from pre-pandemic predictions and hired to meet those expectations.
Amid a broad market sell-off that has most affected the tech sector, the price of Shopify's stock has fallen by more than 78 per cent since its late 2021 peak of $222.87.But Shopify is confident it can turn things around, despite its chief financial officer warning on the same call as Finkelstein that inflation is at a near 40-year high and shifting shopping habits.
That process began with a workforce review that slowed hiring between Shopify's first and second quarter, while also identifying areas where Shopify could “improve our operations and team” and thus carry out layoffs. He conceded the layoff had taught him about why many company leaders are careful around making big bets like Shopify has hinged its business on.
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