CEO Tobias Lutke acknowledges the company had bet too heavily on the COVID bump. “It’s now clear that bet didn’t pay off.”
Ottawa-based online shopping giant Shopify announced Tuesday it is laying off 10 per cent of its workforce, with CEO Tobias Lutke admitting the company had bet too heavily on the COVID bump.
“It’s now clear that bet didn’t pay off. What we see now is the mix reverting to roughly where pre-COVID data would have suggested it should be at this point.”
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