CEO Tobi Lütke says company made wrong bet on pandemic-fueled boom in e-commerce growth lasting
Ottawa-based e-commerce company Shopify Inc. is laying off roughly 1,000 people as explosive growth in the company’s online selling business model slows.
“For a company like ours this news will be difficult to digest,” founder and CEO Tobi Lütke said in an email to staff that was later published on the company’s website.
According to regulatory filings, the company had about 10,000 employees at the end of 2021, twice the amount they had before the pandemic. The cuts amount to 10 per cent of the company’s entire work force.