Shopify Jumps Most Since 2015 on New Job Cuts, Logistics Sale

Shopify Inc. is cutting jobs for the second time in 10 months and selling the majority of its logistics business to Flexport Inc. to focus on its core e-commerce platform business.

The moves mean the company will shrink by more than 2,000 people. “I don’t want to bury the lede: after today Shopify will be smaller by about 20% and Flexport will buy Shopify Logistics; this means some of you will leave Shopify today,” Chief Executive Officer Tobi Lütke said in a memo to staff. “I recognize the crushing impact this decision has on some of you, and did ...