Shopify, the e-commerce giant, announced today that it would reduce its workforce by about 20%, even though it reported strong revenue figures that surpassed Wall Street expectations for the first quarter of the year.
Shopify CEO Tobi Lütke informed the company of the reductions in a memo on its website, but he did not specify which positions would be impacted.
“It’s the right thing for Shopify but it negatively affects many team members who we admire and love working with,” he said in the statement. “This is one of those times where both right and hard are true at the same time.”
