Shopify is laying off 1,000 employees

Shopify CEO Tobi Lutke made the announcement in a memo to employees.

Shopify is laying off 10 percent of its workforce, a move that affects about 1,000 of its employees, as first reported by The Wall Street Journal. In a memo posted on Shopify's website, CEO Tobi Lutke says the company has to go through a reduction in workforce" that mostly affects those working in recruiting, support, and sales.

Lutke notes that the e-commerce company is also cutting down on over-specialized" and duplicate roles as well as groups that were convenient to have but too far removed from building products." He attributes the layoffs to a miscalculated bet that the e-commerce industry would continue to grow beyond the COVID-19 pandemic.

As pointed out by the WSJ, Shopify's workforce jumped from 1,900 in 2016 to around...

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