Shopify Implements Second Round of Layoffs Cutting 20% of Workforce Amid Strong Q1 Earnings
1. Shopify Implements Second Round of Layoffs Amid Strong Q1 Earnings
2. Shopify Cuts 20% of Its Workforce Following Q1 Earnings Report
3. CEO Tobi Lütke Announces Job Cuts in Memo to Employees
4. Shopify’s Second Round of Layoffs: Which Units Will be Affected?
5. Shopify’s Workforce Reduction: A Response to Pandemic-Driven E-commerce Boom?
Shopify on Thursday announced it’s cutting 20% of its workforce. The news came as it reported first-quarter earnings that beat analyst estimates on both the top and bottom lines. Shares of Shopify surged more than 26% in early trading. CEO Tobi Lütke announced the job cuts in a memo to employees posted on the company’s website. He didn’t specify which units will be affected as a result of the layoffs. “I recognize the crushing impact this decision has on some of you, and did not make this decision lightly,” Lütke wrote. Shopify had about 11,600 employees and contractors as of Dec. 31, according to a securities filing. The cuts mark the second round of layoffs for the Canadian e-commerce company. Shopify last July laid off 10% of its workforce after Lütke said the company had misjudged how long the Covid pandemic-fueled e-commerce boom would last.