Shopify (SHOP) Confirms Plan to Cut 10% of Workforce
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Stifel on Shopify (SHOP): 'we believe it is likely that the company will reduce the pace of its investments'
July 26, 2022 11:23 AM EDTStifel 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
Shopify (SHOP) is now down 16% on major job cuts
July 26, 2022 9:54 AM EDTShopify (NYSE: SHOP) is now down 16% on major job cuts.
... MoreCanada's Shopify cuts 10% of workforce as online shopping slows
July 26, 2022 8:46 AM EDTBy 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
Shopify (SHOP) to Lay Off 1,000 Workers, or 10% of Its Employees - WSJ, Citing Memo
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.
... More