canadas shopify inc said on thursday it would cut 20 of its workforce reported news agency reuters this marks the canadian ecommerce companys second round of mass layoffs shopify announced its firstquarter results where its revenue beat wall street estimates sending its uslisted shares up 8 in trading before the bell the company posted revenue of 151 billion in the quarter ended march 31 compared with analysts estimate of 143 billion according to refinitiv data last year shopify inc had laid off 1000 employees or 10 of its global workforce a day before it announced its quarterly results advt tobi ltke shopifys founder and chief executive had told his staff in the memo that the layoffs are necessary as consumers resume old shopping habits and have withdrawn from online shoppingits now clear that our bet didnt pay off said ltke in the memo ultimately placing this bet was my call to make and i got this wrongwere also eliminating overspecialised and duplicate roles as well as some groups that were convenient to have but too far removed from building products he wrote in the memolayoffs scenarioafter the pandemic boom of a few years technology companies ended 2022 with a bleak outlook across the sector thousands of jobs were cut to correct the overhiring of the covid period and brace for what experts call a period of slower growth for the sectorthe layoff wave has swept not only startups and midsized firms but also big tech companies such as amazon microsoft and google parent alphabet among othersso far 608 tech companies have laid off 173880 employees in 2023 according to tracking site layoffsfyiwalt disney has announced another round of layoffs that would impact thousands of jobs earlier indeed twilio linkedin zoom dell pinterest and tinder owner match also joined the layoff bandwagon in a bid to rein in the costs amid a looming global economic downturn ettech published on may 4 2023 at 0534 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app shopify layoffs tobi ltke consumer shopping online shopping shopify inc ecommerce revenue homenewsshopify to lay off 20 of its workforce beats quarterly revenue estimates