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Shopify eliminates 20% of its workforce since its sales have surpassed projections.

Photo: Shopify

U.S.-listed shares of Shopify Inc. (SHOP.TO) increased by 16% on Thursday after the company announced a second round of layoffs and the sale of its logistics division to freight forwarder Flexport.

First-quarter sales were up as more stores used digital tools and personalized services to tempt customers in the face of rising prices.

The new capabilities have drawn companies, including Mattel (MAT.O) and Coty (COTY.N), to increase membership prices.

Small business e-commerce platform Shopify prepared for increased sales due to the epidemic by increasing its order fulfillment network. As a result of overestimating growth forecasts, however, 10% of employees were let go in July 2022.

As the global pandemic’s e-commerce boom wanes, investors are examining Shopify’s investment in a fulfillment network with a critical eye. They worry that the capital-intensive project will hurt earnings.

Shopify’s acquisition of Deliverr Inc. for $2.1 billion less than a year ago was an all-stock deal that granted it a 13% stake in the firm it had previously invested in, Flexport.

According to Refinitiv statistics, revenue for the quarter ending March 31 was $1.51 billion, more than the $1.43 billion predicted by industry experts.

The business reported an adjusted profit per share of 1 cent, beating analyst estimates of a 4 cent loss.

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