 "Shopify")
Canada's Shopify Inc is laying off 10% of its workforce, the e-commerce company said on Tuesday, as it struggles with sales growth due to a post-pandemic slowdown in online shopping.
US-listed shares fell 14.7% to $31.29 after the company said it witnessed a pullback in online orders.
Shopify had hit the jackpot during the COVID-19 lockdowns as merchants turned to its platform to set up online stores. As a result, the company ramped up investment on its workforce and technology betting that the boom would not subside.
However, Chief Executive Officer Tobi Lutke, in a letter addressed to employees, said
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