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

“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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shopify optimistic about 'new shape' of business following layoff, AI announcementsShopify Inc.’s president said a recent move to streamline operations with a significant layoff and bolster merchant offerings with technology like artificial…
Source: calgaryherald - 🏆 64. / 52 Read more »

Shopify saw $1.3-billion loss in second quarter as it laid off staff, sold logistics businessOttawa-based e-commerce company says the net loss in its second quarter compared with a net loss of US$1.2 billion a year earlier
Source: globeandmail - 🏆 5. / 92 Read more »

EQ Bank owner EQB Inc. sees earnings rise in second quarter, boosts guidance - BNN BloombergEQB Inc., the company that owns EQ Bank, says it earned $130.9 million in the second quarter, up from $58.8 million a year earlier.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Shopify saw $1.3B loss in Q2 as it laid off staff, sold logistics business - BNN BloombergShopify Inc. says it recorded a US$1.3 billion loss in its most recent quarter as the company laid off 20 per cent of staff and sold its logistics business.
Source: BNNBloomberg - 🏆 83. / 50 Read more »