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Shopify optimistic about 'new shape' of business following layoff, AI announcements

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Shopify Inc.’s president said a recent move to streamline operations with a significant layoff and bolster merchant offerings with technology like artificial…

“Even after 17 years and all the changes we have made recently, we know the opportunities for Shopify are only growing.”

The business announced plans to reduce its head count by about 20 per cent in May, roughly a year after it made a 10 per cent cut. The transaction closed about two months ago, but Shopify is still working through the terms of its agreement with Flexport, said Jeff Hoffmeister, Shopify’s chief financial officer.As the company off-loads the fulfilment business and said goodbye to workers, it has doubled down on product offerings, announcing 100 new features for merchants at its semi-annual product showcase, Shopify Editions, last week.

The results for the company, which reports in U.S. dollars, worked out to a net loss of $1.02 per share compared with a loss of 95 cents per share a year ago.Article content Looking ahead to the third quarter, the company said it expected revenue to grow at “a low-twenties percentage rate” on a year-over-year basis and free cash flow to be higher than the first half of the year.

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