Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessShopify Q1 Revenues Soar 25% Exceeding Expectations, Plans 20% Workforce Layoff

Shopify Q1 Revenues Soar 25% Exceeding Expectations, Plans 20% Workforce Layoff

Add to Favorite
Added to Favorite
Photo by charlesdeluvio on Unsplash

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.

Organic Greek Vitamin Bottles. Hydrogen Alkaline Generator Water + Filter 4 in 1 Design 500mL (16.9 FL OZ)

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.

SHOP 

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.

14k Yellow Gold 1/4 Carat Round 4 Prong Solitaire Created Diamond Stud Earrings 4mm

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.

Celebrity News Update. Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs. Become a WebFans Creator and Influencer.

How Groupon Will Revolutionize And Help The Retail Industry Post Covid -19

Subscribe to get Latest News Updates

Latest News

You may like more
more

Gold Prices Pressured by Strong Dollar; Copper Falls Further

Gold prices are facing downward pressure as the U.S....

Futures Mixed Ahead of Week Packed with Earnings and Economic Data

As the market prepares for a significant week filled...

U.S. Weighs Limits on Nvidia and AMD AI Chip Sales to Select Countries

As geopolitical tensions continue to influence global trade, the...