Shopify says it will lay off 10% of workers, sending stocks lower

Shopify cuts about 1,000 workers, or 10% of its global workforce, reversing a bet on e-commerce growth the tech company had made during the pandemic, according to an internal memo.

Tobi Lütke, the company’s founder and chief executive, told staff in a memo sent Tuesday that the layoffs are necessary as consumers revert to old shopping habits and abandon online ordering that has fueled the industry’s recent growth. ‘company. Shopify, which helps businesses build e-commerce websites, warned that it expects revenue growth to slow this year.


Wj

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