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

By Chavi Mehta and Tiyashi Datta

Technology
Tuesday, 26 Jul 2022
11:56 PM MYT

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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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Symbol	Open	High	Low	Last	Chg	%Chg	Vol ('00)
HSI-PWFZ	0.115	0.125	0.115	0.120	0.010	9.09	2,399,764
HSI-PWHC	0.105	0.105	0.090	0.095	-0.005	-5.00	1,881,695
HSI-CWEY	0.200	0.205	0.195	0.200	-0.015	-6.98	1,656,270
HSI-CWGB	0.175	0.175	0.160	0.165	-0.020	-10.81	961,688
HSI-CWGS	0.165	0.165	0.155	0.165	-0.005	-2.94	773,659
HSI-CWEZ	0.085	0.095	0.085	0.085	-0.015	-15.00	601,831
HSI-PWHT	0.090	0.090	0.080	0.080	-0.010	-11.11	601,375
TANCO	0.930	0.940	0.925	0.930	0.000	0.00	440,293
RL	0.220	0.230	0.195	0.205	-0.020	-8.89	379,674
YTL	2.150	2.280	2.140	2.270	0.130	6.07	362,190
GOCEAN	0.115	0.115	0.080	0.090	-0.025	-21.74	351,756
SNS	0.555	0.560	0.530	0.545	-0.015	-2.68	327,602
MYEG	0.935	0.945	0.930	0.940	0.005	0.53	326,017
TWL	0.030	0.030	0.025	0.030	0.005	20.00	322,804
ECOSHOP-CJ	0.095	0.100	0.095	0.095	0.000	0.00	294,024

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