Shopify lays off 10 per cent of its global workforce

Shopify is laying off 10 per cent of its global workforce, joining dozens of other tech and non-tech firms that are freezing hiring and cutting staff in the light of slowing growth.

There will be approximately 1,000 job cuts across the board. However, most of them will impact support and recruiting jobs. The sales and duplication of work. Duplicate, overspecialized, and roles described as “convenient to have but too far removed from building products” are also being cut. The staff who are being fired will be notified by Tuesday afternoon.

“For a company like ours, this news will be difficult to digest,” Tobias Lütke, chief executive officer of Shopify, said This was sent to the staff by a memo on Tuesday morning.

The memo was posted to the corporate site. It states that Shopify misunderstoodly believed that the ecommerce boom fueled by the pandemic would continue.

Shopify’s stock went down by 15 per cent to C$40.02 on the Toronto Stock Exchange in the early minutes of trading Tuesday morning, Bloomberg reported.

Shopify stock was traded on the Toronto Stock Exchange for C$50 per share two years ago.

To clarify whether staff have been affected by the job cut, email will be sent to them. If so, those who are will be invited to meet their manager.

This month, The Globe and Mail Shopify announced that it would cancel internships and other job opportunities for those who wanted to start working at the company in the fall. More than 10,000 people worldwide work for the company.