Canada's Shopify cuts 10% of workforce as online shopping slows


FILE PHOTO An employee works at Shopifys headquarters in Ottawa Ontario Canada October 22 2018. REUTERSChris WattieFile Photo

FILE PHOTO: An employee works at Shopify's headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie/File Photo

(Reuters) - 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 benefiting from a pandemic-fueled surge in demand.

Its shares tumbled 14.7% on the U.S. bourses and on the Toronto Exchange, they shed 14% on Tuesday, pulling Canada's wider main stock index lower. The shares have lost 75% of their value so far in the year.

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