Shopify (NYSE:SHOP) stated in an internal message that it planned to reduce 1,000 positions, or 10% of its worldwide staff, across all of its businesses as it scales down on e-commerce growth estimates it had seen during the epidemic. This memo was cited by the Wall Street Journal. Most layoffs will be in the sales, support, and recruiting departments. In addition, according to creator and CEO Tobi Lütke, "We're eliminating over-specialized and redundant roles, as well as other groups that were handy to have but too far removed from producing goods."
The company now anticipates that ...
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Shopify’s Stock Dropped 12%, News Broke That It Would Reduce Its Employees by 10%.