Shopify

In a memo to staff, Shopify CEO Tobi Lutke acknowledged he had misjudged how long the pandemic-driven e-commerce boom would last.

The company is scheduled to report second-quarter earnings Wednesday. Shopify bet that the increasing mix of online spending over commerce in stores would "permanently leap ahead by 5 or even 10 years," Lutke said. As stores reopened and consumers shifted back to pre-pandemic shopping habits, Shopify and other companies in the e-commerce sector began to contend with concerns that they'd be unable to sustain the high-flying growth they enjoyed.

Shopify a annoncé mardi la mise à pied de 10 % de son effectif parce que l'entreprise a mal évalué la croissance du commerce électronique.

Shopify a fait le pari que la quantité d’achats que feraient les consommateurs en ligne plutôt que dans des commerces physiques ferait un bond en avant de cinq ou 10 ans par rapport à ses prédictions prépandémiques. Selon le patron, la société doit effectuer ces mises à pied parce que la pandémie de COVID-19 a fait bondir la demande pour le logiciel de Shopify pendant que les consommateurs se sont mis à faire un plus grand nombre d’achats en ligne. Le chef de la direction de la société établie à Ottawa, Tobi Lütke, a indiqué, dans une entrée de blogue, que la plupart des employés touchés par cette décision travaillaient dans le recrutement, le soutien et les ventes.

Ottawa-based e-commerce company Shopify Inc. is laying off roughly 1000 people, or about 10 per cent of its workforce.

"We bet that the … share of dollars that travel through e-commerce rather than physical retail would permanently leap ahead," Lütke said. All in all, e-commerce is about where it would have been had the pandemic surge not happened, he said. Shares in the company fell about 15 per cent when the TSX opened on Tuesday. U.S. giants like Netflix, Google, Apple, Microsoft and Paypal all saw their prospects dim as the spectre of inflation took a bite out of consumer spending. The cuts amount to 10 per cent of the company's entire work force. Today, the company is worth about $50 billion.

When the Covid pandemic set in, almost all retail shifted online because of shelter-in-place orders. Demand for Shopify skyrocketed. To help merchants, we threw ...

The times demand it of us, and we will rise to the occasion once again. And for those who find themselves drawn to the path of entrepreneurship, Shopify also covers a free account for everyone. We want to support each of you through the coming weeks and months as much as possible, so we’re offering a generous severance package. As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that. We couldn’t know for sure at the time, but we knew that if there was a chance that this was true, we would have to expand the company to match. It was hard, but we know for a fact that more merchants’ businesses survived the pandemic because of the work we did in this time and that’s exactly what our mission is about.

Canada's Shopify Inc is laying off 10% of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after ...

Register now for FREE unlimited access to Reuters.com The shares have lost 75% of their value so far in the year. Register now for FREE unlimited access to Reuters.com

Shopify, la plateforme canadienne de commerce en ligne cotée à Wall Street, plonge de 16% sous les 31$, alors que...

Shopify, la plateforme canadienne de commerce en ligne cotée à Wall Street, plonge de 16% sous les 31$, alors que le groupe vient d'indiquer son intention de supprimer 10% des effectifs dans le cadre d'une vaste réorganisation. Tobi Lütke, le directeur général de l'affaire, a estimé que la compagnie avait fait un mauvais pari sur une poursuite de la croissance exceptionnelle observée durant la pandémie. Le groupe ajuste donc la voilure, tandis que le ralentissement économique se confirme par ailleurs. Lütke, fondateur et directeur général du groupe, a estimé ces actions nécessaires, alors que les consommateurs reprennent leurs anciennes habitudes de consommation et limitent leurs commandes en ligne qui avaient alimenté la récente expansion. Le groupe, qui aide les entreprises à mettre en place des sites Web de commerce, table sur un ralentissement de la croissance de ses revenus.

Chief executive officer Tobias Lutke said the layoffs will take place by end of the day.

Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. “As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that... “Ultimately, placing this bet was my call to make and I got this wrong,” Mr. Lutke said in the memo. In a memo to staff on Tuesday morning, just one day before announcing second-quarter financial results, chief executive officer Tobias Lutke said the reduction will take place by the end of the day. Most of the roles impacted will be in sales, accounting and recruiting. Your time is valuable.

Shopify a annoncé mardi la mise à pied de 10 % de son effectif parce que l'entreprise a mal évalué la croissance du commerce électronique.

Selon le patron, la société doit effectuer ces mises à pied parce que la pandémie de COVID-19 a fait bondir la demande pour le logiciel de Shopify pendant que les consommateurs se sont mis à faire un plus grand nombre d’achats en ligne. Shopify éliminera aussi la «sur-spécialisation» et les postes «dupliqués», ainsi que certains groupes qui, selon M. Lütke, étaient «pratiques, mais trop éloignés de la réalisation de produits». Shopify a annoncé mardi la mise à pied de 10 % de son effectif parce que l’entreprise a mal évalué la croissance du commerce électronique.

Canadian e-commerce firm Shopify Inc. will cut about 10% of its workforce Tuesday, as Chief Executive Officer Tobi Lutke acknowledged the company's decision ...

Selon l'entreprise, la plupart des licenciements concernent des membres affectés au recrutement et aux ventes. Tous les travailleurs remerciés recevront une ...

Elle avait pris différentes décisions, en croyant que la croissance serait permanente. La valeur de Shopify était de 300 milliards $ en 2020; aujourd’hui elle est estimée à 50 milliards $. La baisse de la demande, depuis 2021, explique le déclin rapide. Le géant canadien de la vente en ligne, Shopify, a annoncé mardi le congédiement de 10 % de ses employés.

Ottawa — Shopify (SHOP.TO, 39,46 $, en baisse de 16% à 10h30) a annoncé mardi la mise à pied de 10% de son effectif parce que l'entreprise a mal évalué la ...

Au milieu d’un large désinvestissement sur le marché, qui a particulièrement pesé sur le secteur technologique, le cours de l’action Shopify a chuté de plus de 70% par rapport à son sommet de 2228,73 $, atteint à la fin 2021. Pourtant, Shopify n’est pas la seule à mettre à pied des travailleurs. Dix pour cent de ce total engloberait 1000 travailleurs. Le chef de la direction de la société établie à Ottawa, Tobi Lütke, a indiqué, dans une entrée de blogue, que la plupart des employés touchés par cette décision travaillaient dans le recrutement, le soutien et les ventes. (Photo: La Presse Canadienne) Le chef de la direction de la société établie à Ottawa, Tobi Lütke, a indiqué, dans une entrée de blogue, que la plupart des employés touchés par cette décision travaillaient dans le recrutement, le soutien et les ventes.

Canadian ecommerce firm Shopify Inc. is cutting about 10% of its workforce. The Shopify cuts come with acknowledgment from CEO Tobi Lutke that the company's ...

Shopify was among the hottest pandemic stocks in 2020 and 2021 as online shopping boomed. It came crashing down this year, hampered by an economic cool-down and an easing of COVID-19 restrictions. Canadian ecommerce firm Shopify Inc. is cutting about 10% of its workforce.

Au micro de Marie Claude Lavallée, écoutez le chroniqueur François Gagnon parler du commerce électronique qui ne va pas bien.

Shopify a annoncé mardi licencier 10 % de son effectif parce qu'elle a mal évalué la croissance du commerce électronique. Le chef de la direction de la ...

Le titre se négociait à 40,69 $ en début d’après-midi mardi à la Bourse de Toronto, une baisse de plus de 13,6 % par rapport à la veille à la fermeture. Les travailleurs pourront également conserver le mobilier de bureau à domicile pour lequel l’entreprise a accordé une allocation au début de la pandémie. L’employeur versera en outre une allocation qui pourra servir à l’achat de nouveaux ordinateurs portables. Le chef de la direction de la société établie à Ottawa, Tobias Lütke, a indiqué dans un billet de blogue que la plupart des employés touchés par cette décision travaillent dans le recrutement, le soutien ou les ventes. Pourtant, Shopify n’est pas la seule entreprise à licencier des travailleurs. L’inexactitude d’hypothèses est en grande partie responsable des extravagances de Shopify, a observé Neil Saunders, directeur général de GlobalData, dans une note aux investisseurs. Mais l’entreprise a récemment constaté que les consommateurs renouaient avec leurs habitudes d’achat prépandémiques.

Shopify a annoncé mardi la mise à pied de 10 % de son effectif parce que l'entreprise a mal évalué la croissance du commerce électronique.

Au milieu d’un large désinvestissement sur le marché, qui a particulièrement pesé sur le secteur technologique, le cours de l’action Shopify a chuté de plus de 70 % par rapport à son sommet de 2228,73 $, atteint à la fin 2021. Pourtant, Shopify n’est pas la seule à mettre à pied des travailleurs. Dix pour cent de ce total engloberait 1000 travailleurs. Shopify a fait le pari que la quantité d’achats que feraient les consommateurs en ligne plutôt que dans des commerces physiques ferait un bond en avant de cinq ou 10 ans par rapport à ses prédictions prépandémiques. Selon M. Lütke, la société doit effectuer ces mises à pied parce que la pandémie de COVID-19 a fait bondir la demande pour le logiciel de Shopify pendant que les consommateurs se sont mis à faire un plus grand nombre d’achats en ligne. Le chef de la direction de la société établie à Ottawa, Tobi Lütke, a indiqué, dans une entrée de blogue, que la plupart des employés touchés par cette décision travaillaient dans le recrutement, le soutien et les ventes.

Shopify a annoncé mardi la mise à pied de 10 % de son effectif parce que l'entreprise a mal évalué la croissance du commerce électronique.

Au milieu d’un large désinvestissement sur le marché, qui a particulièrement pesé sur le secteur technologique, le cours de l’action Shopify a chuté de plus de 70 % par rapport à son sommet de 2228,73 $, atteint à la fin 2021. Pourtant, Shopify n’est pas la seule à mettre à pied des travailleurs. Dix pour cent de ce total engloberait 1000 travailleurs. Shopify a fait le pari que la quantité d’achats que feraient les consommateurs en ligne plutôt que dans des commerces physiques ferait un bond en avant de cinq ou 10 ans par rapport à ses prédictions prépandémiques. Selon M. Lütke, la société doit effectuer ces mises à pied parce que la pandémie de COVID-19 a fait bondir la demande pour le logiciel de Shopify pendant que les consommateurs se sont mis à faire un plus grand nombre d’achats en ligne. Le chef de la direction de la société établie à Ottawa, Tobi Lütke, a indiqué, dans une entrée de blogue, que la plupart des employés touchés par cette décision travaillaient dans le recrutement, le soutien et les ventes.

Shopify Inc. slumped in premarket trading after the company kicked off earnings season for e-commerce firms with a result that missed analysts' estimates.

It also said the outlook is getting worse. Shopify Inc. slumped in premarket trading after the company kicked off earnings season for e-commerce firms with a result that missed analysts’ estimates.

The company is expecting operating losses will 'materially increase' in the third quarter from the second quarter.

Yearly revenue growth was negatively impacted by about 1.5 percentage points tied to foreign exchange headwinds. ) reported a second-quarter adjusted net loss of $38.5 million, or 3 cents a share, missing estimates calling for $30 million in adjusted net income, or 2 cents a share. Shopify

Merchants trust Shopify with more parts of their business in Q2 as GMV growth outpaces market.

Although Shopify believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that actual results will be consistent with these forward-looking statements. As we decelerate operating expense growth into the fourth quarter, and with its higher seasonal GMV and revenue, we expect an adjusted operating loss in the fourth quarter that is significantly smaller than in the third quarter, but larger than in the second quarter. Shopify believes that these non-GAAP measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. This press release contains certain forward-looking statements within the meaning of applicable securities laws, including Shopify’s planned business initiatives and operations and outlook, the performance of Shopify's merchants, the impact of Shopify's business on its merchants and other entrepreneurs, and economic activity and consumer spending. Second-quarter 2022 net loss includes a $1.0 billion net unrealized loss on our equity and other investments, while our net income in the second quarter of 2021 included a $0.8 billion net unrealized gain from equity and other investments. Shopify is a leading provider of essential internet infrastructure for commerce, offering trusted tools to start, grow, market, and manage a retail business of any size. We now expect 2022 will end up being different, more of a transition year, in which ecommerce has largely reset to the pre-COVID trend line and is now pressured by persistent high inflation. - Shopify partnered with YouTube to launch YouTube Shopping, enabling Shopify’s millions of merchants around the world to reach YouTube’s over two billion monthly logged-in users. - Gross Merchandise Volume2 ("GMV") for the second quarter was $46.9 billion, which represents a three- year compound annual growth rate of 50% and an increase of $4.7 billion, or 11% over the second quarter of 2021. We completed the rollout of Shopify’s warehouse management system to our fulfillment network and introduced our delivery badge, Shop Promise, into early access which will enable merchants to offer buyers visibility into when they will receive their orders. MRR increased 13% year over year, up from $95.1 million as of June 30, 2021 as more merchants joined the platform and the number of retail locations using POS Pro increased. Our track record of prudent capital allocation toward opportunities that significantly expand the opportunity set for merchants, accelerate our product roadmap, or have strong paybacks from improved operating efficiency has served Shopify and our merchants well.

Canada's Shopify Inc on Wednesday warned of an adjusted operating loss for the second half of the year, blaming higher costs and expenses related to the ...

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Shopify has released its earnings for the second quarter of 2022.

Then, in the fourth quarter and year-end results Shopify continued to see more limited revenue growth and lowered its 2022 forecast. “We now expect 2022 will end up being different, more of a transition year, in which ecommerce has largely reset to the pre-COVID trend line and is now pressured by persistent high inflation.” Shopify reported a net loss for the second quarter of $1.2 billion compared with a net income of around $900,000 million during the same period last year. While the company still saw a 21 percent year-over-year (YoY) increase in revenue last quarter, pulling in $1.2 billion, that number was much smaller than previous YoY growth. GMV for this quarter reached $46.9 billion, representing an 11 percent YoY increase. The second quarter results mirror those from the first quarter of this year, continuing a pattern of slower revenue growth. Shopify reported that 53 percent of that GMV was bolstered by gross payments volume, which was $24.9 billion in the quarter compared to $20.3 billion in the same quarter last year when it accounted for 48 percent of GMV. The layoff amounts to approximately 1,000 employees. The revenue number represents just a 16 percent year-over-year increase. The company also highlighted its gross merchandise volume (GMV) claiming that merchant GMV “continued to outpace the growth of the broader U.S. online and offline retail markets as consumers shopped across more surfaces.” The slowing of growth began in the third quarter of last year as Shopify started to see less bloated YoY growth numbers. Shopify claimed that merchant GMV “continued to outpace the growth of the broader U.S. online and offline retail markets as consumers shopped across more surfaces.”

Shopify pointed to higher costs related a recent acquisition and increased pressure from inflation on the e-commerce market as dragging down earnings in the ...

On an adjusted basis, Shopify reported a loss of three cents per share, while analysts’ on average had expected a profit of two cents. For the second quarter ended June 30, the company posted a net loss of US$1.20 billion, or 95 cents per share, compared with a profit of US$879.1 million, or 69 cents per share, a year earlier. Canada’s Shopify Inc on Wednesday warned of an adjusted operating loss for the second half of the year, blaming higher costs and expenses related to the integration of e-commerce fulfilment company Deliverr.

A day after announcing it would conduct steep layoffs, Shopify Inc. swung to a loss and issued more cautious commentary about the way inflation was ...

The company had said in conjunction with its prior earnings report that it planned to reinvest all of its gross-profit dollars back into the business. The company posted a comprehensive loss of $1.21 billion, or 95 cents a share, whereas it notched comprehensive income of $876 million, or 69 cents a share, in the year-earlier quarter. In a blog post announcing the plan to cut 10% of the workforce, Shopify Chief Executive Tobi Lütke said that Shopify had tried to “expand the company to match” expectations that the pandemic would permanently accelerate the mix of e-commerce spending by five to 10 years, when in reality those targets proved too optimistic. The company sounded more cautious than before in the forward-looking commentary it offered in the release, with the company noting that the new “outlook supersedes all prior statements made by Shopify.” Shopify also anticipates to record an adjusted operating loss for the second half of the year, with the loss for the third quarter expected to “materially increase” versus what was seen in the second quarter, in part due to “time needed for the streamlining of our operations to take effect.” Analysts tracked by FactSet were expecting 2 cents in adjusted EPS.

Shopify warned that inflation and rising interest rates would weigh on consumer spending for the remainder of 2022.

Shopify CFO Amy Shapero said on a conference call with analysts Wednesday that, for the remainder of 2022, the company intends "to slow hiring to only the most strategic." Shopify also said it expects to generate an adjusted operating loss for the second half of 2022. Amazon is set to report second-quarter results on Thursday, and Etsy will report results on Wednesday after market close. The Canadian company, which helps business owners set up a store online, was a Covid-19 pandemic darling. - Earnings: A loss of 3 cents per share, adjusted, vs. Executives' commentary around efforts to curb spending, while continuing to take market share in e-commerce, may have allayed some investors' fears, Forte added.