Shopify to lay off 10% of workforce after pandemic growth bet ‘didn’t pay off’: CEO



4:04Business News: Shopify stocks crater

Financial Analyst Robert Levy has more on the downfall of what was once Canada’s most publicly-traded company, as well as the potential sale of Pink Floyd’s music catalogue – May 8, 2022

Shopify, the Canadian e-commerce giant and once the country’s most valuable company, is laying off 10 per cent of its workforce.

CEO Tobi Lutke said in a letter to employees made public Tuesday that the company made a bet that the global retail transition to e-commerce, which picked up during the COVID-19 pandemic, would continue to accelerate.

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The company had scaled up its workforce to meet the demand it projected, Lutke wrote.

“It’s now clear that bet didn’t pay off,” he said.

The Ottawa-based company makes software for digital storefronts and runs a fulfilment network for its merchants, among other e-commerce offerings.

The company says on its website that it employs more than 10,000 people around the world.

More to come.

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