🛑Shopify lays off 10% of its workers ‼️ Walmart cuts profit forecast again ◼️ Europe attempts to lower its natural gas use Here’s what you need to know today:
Tobi Lütke says his bet on a permanent sea change in consumers’ habits didn’t pay off, and so Shopify — the company he founded and leads as CEO — is cutting its workforce about 10 per cent today, which works out to roughly 1,000 employees. In his memo to staff announcing the move, Lütke said Shopify “threw away [its] roadmaps” when the pandemic hit and reckoned the pivot from brick-and-mortar to e-commerce would “permanently leap ahead by five or even 10 years.
it’s planning to seek a primary listing in Hong Kong , which would effectively boost its liquidity by opening it up to more investors in mainland China.Notable data: Canadian wholesale trade , U.S. new home sales and Conference Board consumer confidence index Notable earnings: Canadian National Railway, First National Financial, Trican Well Service, Alphabet, Microsoft, General Motors, General Electric, Visa, McDonald's, The Coca-Cola Co., United Parcel Service, 3M, Kimberly-Clark, Mondelez, Texas Instruments~1000: News conference at meeting of EU energy ministers
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