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Shopify Inc. shares tumbled Tuesday as the Canadian tech giant revealed a significant round of layoffs as the pandemic e-commerce boom fades.Founder and Chief Executive Officer Tobi Lütke announced in a staff memo that around 10 per cent of the company’s workforce, or approximately 1,000 employees, will be let go by the end of the day. “When the COVID pandemic set in, almost all retail shifted online because of shelter-in-place orders. Demand for Shopify skyrocketed.
Just prior to the layoff announcement, Radke trimmed his price target on Shopify’s New York-listed shares to US$37.00 apiece from US$43.20 amid concerns about what he called “a challenging demand backdrop.” It's been a steep fall from grace for the company’s stock after its growth was turbocharged in the early days of the pandemic. Shopify emerged as one of the TSX’s star performers in 2020 as its share price surged 178 per cent over the course of the year.
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