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by omair_inam
1426 days ago
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Key takeaways: * Shopify cutting ~1000 workers: most of the layoffs will occur in recruiting, support and sales units * First big layoffs the company has announced since Mr. Lütke started the company in 2006. * Shopify’s shares fall 15% to about $31 * Tobi Lütke: "It’s now clear that bet (that surging e-commerce sales growth would last past the Covid-19 pandemic’s ebb) didn’t pay off... I got this wrong" * Laid off workers to be offered 16 weeks of severance to the laid-off workers, plus one week for every year of service |
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