Shopify Tumbles Most in Two Months After Cutting 10% of Staff

Canadian e-commerce firm Shopify Inc. will cut about 10% of its workforce Tuesday, as Chief Executive Officer Tobi Lutke acknowledged the company’s decision to expand rapidly coming out of the Covid-19 pandemic didn’t pay off.

The move will eliminate about 1,000 jobs out of 10,000 or so total employees at Shopify. Most of the affected roles are in recruiting, support and sales, Lutke said in a memo on the company’s website.

WATCH: Shopfiy will cut 1,000 jobs.

Source: Bloomberg

Shopify tumbled 14% to $31.55 in New York, the biggest drop since May 5. The Wall Street Journal reported the job cuts earlier Tuesday.

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