Shopify Lays Off 20% of Employees As It Embraces More Cost-Cutting

Shopify said on Thursday it would lay off 20% of employees and would sell its logistics business to Flexport, as the e-commerce company pushes to cut costs further and refocus on its core business. From a report: Shopify's first quarter revenue increased 25% from the same period last year to $1.5 billion, topping the company's own guidance for revenue growth in the high-teen percentages. Executives said on Thursday they expected revenue for the second quarter to grow at a similar rate to the first quarter. It reported free cash flow of $86 million, after burning cash in the year-earlier period, and projected free cash flow profitability for the rest of the year.

Read more of this story at Slashdot.