Shopify stock soars 28% on earnings, logistics unit sale

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Shopify soars 28% on strong earnings and sale of logistics unit, plans to slash headcount

On Thursday, the company confirmed the reports, announcing it had sold its logistics unit to freight company Flexport. The deal includes the sale of Deliverr, a shipping service Shopify bought last year for $2.1 billion.

Like many online retail rivals, Shopify had focused on warehouse investments as the pandemic fueled longer-term expectations for e-commerce growth. In the new deal, Shopify will receive aMeanwhile, the UK's Ocado Group agreed to purchase Shopify'sShopify's first-quarter revenue came in at $1.51 billion, surpassing estimates of $1.43 billion and adding $0.01 per share. The company benefited from its integration on the websites of other businesses, such as Mattel and Coty.

 

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