Shopify to Lay Off 20% of Employees
- last year
Shopify to Lay Off , 20% of Employees.
The company announced its second round
of layoffs on May 4, Reuters reports. .
Shopify, like many businesses, expected the boom caused by the pandemic to continue, but it didn't.
In July 2022, the company
laid off 10% of its workforce.
Now, it's laying off 20% more.
Shopify also revealed that it sold
its logistics operation to Flexport.
The all-stock deal gives Shopify
a 13% stake in the company.
Shares rose 16% in premarket
trading as a result.
The company also reported Q1 results
that were better than expected. .
Revenue was at $1.51 billion for the quarter.
Reuters reports that Spotify has been able to increase its subscription fees since businesses like Mattel and Coty have joined the platform
The company announced its second round
of layoffs on May 4, Reuters reports. .
Shopify, like many businesses, expected the boom caused by the pandemic to continue, but it didn't.
In July 2022, the company
laid off 10% of its workforce.
Now, it's laying off 20% more.
Shopify also revealed that it sold
its logistics operation to Flexport.
The all-stock deal gives Shopify
a 13% stake in the company.
Shares rose 16% in premarket
trading as a result.
The company also reported Q1 results
that were better than expected. .
Revenue was at $1.51 billion for the quarter.
Reuters reports that Spotify has been able to increase its subscription fees since businesses like Mattel and Coty have joined the platform