Canadian multinational e-commerce company Shopify Inc. (SHOP) is a provider of a cloud-based, multi-channel commerce platform developed with small and medium-sized businesses in mind. Using a single integrated back office, merchants can manage products and inventory, process orders and payments, ship orders, develop customer relationships, and take advantage of analytics and reporting. The platform has a mobile-optimized checkout process that enables customers of merchants to purchase goods through mobile websites.
On Thursday, Shopify announced first-quarter earnings and stated that it would be laying off 20% of its workers, a move that would affect over 2,000 individuals and that it would be selling its logistics division to freight and logistics platform Flexport for about 13% of the stock.
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Last February, Shopify contributed to Flexport’s Series E round of funding by making its own investment. A few months later, Shopify also purchased the logistics startup Deliverr for more than $2 billion. The move follows a trend in which many large technology businesses have made many rounds of layoffs in reaction to economic headwinds. About ten months ago, Shopify stated it was decreasing 10% of its employees, or about 1,000 workers.
In a memo to staff published on the business website, CEO Tobi Lütke disclosed the job losses. However, he did not say which units will be impacted by the layoffs. According to a securities filing, Shopify employed around 11,600 workers and contractors as of December 31. The Canadian e-commerce company’s current reduction in its workforce for the second time. Shopify let go 10% of its workforce in July of last year.
Shopify outperformed Wall Street forecasts for the first quarter as well. According to Refinitiv, the company recorded revenue of $1.51 billion, a 25% increase from the prior year and more than double Wall Street’s forecast of $1.43 billion. It reported 5 cents in profit per share. Analysts had projected a loss of 4 cents per share. Shopify posted a net loss of $1.5 billion, or $1.17 per share, for the same period last year.
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According to Lütke, the e-commerce company is becoming smaller as a business and concentrating on what it does best: creating tools that help businesses sell things online. Separately, the business disclosed that it is selling its logistics division to Flexport, including Deliverr, the last-mile delivery firm it bought for $2.1 billion in May. In addition, Shopify is selling 6 River Systems, the manufacturer of warehouse robots it purchased in 2019 for $450 million, to UK retail technology firm Ocado.
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