Shopify is cutting roughly 1,000 jobs, or 10% of its global workforce, scaling back a bet on e-commerce growth the tech company made during the pandemic, according to an internal memo.
Tobi Lütke, the company’s founder and chief executive, told staff in a memo sent Tuesday that the layoffs are necessary as consumers return to old shopping habits and pull back on the online orders that fueled the company’s recent growth. company Shopify, which helps companies build e-commerce websites, has warned it expects revenue growth to slow this year and its shares have fallen nearly 80% since peaking in November. On Wednesday reports the quarterly results.