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in Tech

Shopify cuts 20% of its workforce; shares surge on earnings beat

by Editor May 4, 2023, 1:03 pm 1.5k Views

An employee works at Shopify’s headquarters in Ottawa, Ontario, Canada.

Chris Wattie | Reuters

Shopify on Thursday announced it’s cutting 20% of its workforce. The news came as it reported

that beat analyst estimates on both the top and bottom lines.

Shares of Shopify surged more than 18% in premarket trading.

CEO Tobi Lütke announced the job cuts in a memo to employees posted to the company’s website. He didn’t specify…

Posted by Editor