Shopify (SHOP) Confirms Plan to Cut 10% of Workforce
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July 26, 2022 11:23 AM EDT
Stifel analyst Scott Devitt reiterated a Buy rating and {REMOVEPT} price target on Shopify (NYSE: SHOP).
The analyst comments "In this morning's memo, CEO Tobi Lütke suggested that the growth rate of U.S. eCommerce adoption, per the US Census Bureau, is returning to a similar trajectory as before the pandemic. Through the... More
July 26, 2022 9:54 AM EDT
Shopify (NYSE: SHOP) is now down 16% on major job cuts.
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July 26, 2022 8:46 AM EDT
By Chavi Mehta and Tiyashi Datta
(Reuters) - Canada's Shopify Inc is laying off 10% of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after benefiting from a pandemic-fueled surge in demand.
Its shares tumbled 14.7% on the U.S. bourses and on the Toronto Exchange, they shed 14% on Tuesday, pulling Canada's wider main stock index lower. The shares have lost 75% of their value so far in the year.
Shopify's turn of fortunes from the most valuable company in Canada last year to... More
July 26, 2022 8:38 AM EDT
(Updated - July 26, 2022 8:41 AM EDT)
Shopify (NYSE: SHOP) is cutting about 1,000 workers, or 10% of its global workforce, according to the Wall Street Journal, citing a memo.
The memo sent Tuesday said that layoffs are necessary as consumers resume old shopping habits and pull back on online orders.
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