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Business

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




Shopify is cutting roughly 1,000 workers, or 10% of its global workforce, and rolling back a push on e-commerce growth the tech company made during the pandemic, according to an internal memo.

Tobi Luetke, the company’s founder and CEO, told employees in a memo sent Tuesday that the layoffs are necessary as consumers resume old shopping habits and pull back on the online ordering that fueled the company’s recent growth. Shopify, which helps businesses set up e-commerce websites, has warned that it expects revenue growth to slow this year.



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