Canadian eCommerce giant Shopify, hit a major hurdle and has announced the laying off roughly 1,000 employees or 10 per cent of its workforce. Tobi Lütke, Shopify, CEO said in a letter to employees the company was caught off guard as to the impact of the COVID-19 pandemic. The cuts will affect all divisions, but most within recruiting, support, and sales, and “across the company” it is eliminating “over-specialized and duplicate roles, as well as some groups that were convenient to have but too far removed from building products,” Lutke said in the memo.
“It’s now clear that bet didn’t pay off,” Lutke said. “What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point. Still growing steadily, but it wasn’t a meaningful 5-year leap ahead.”
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