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Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ shopify-to-lay-off-10-of-workers-in-broad-shake-up-11658839047 Share * Facebook * Twitter * LinkedIn * Copy Link * WSJ News Exclusive * Business Shopify Says It Will Lay Off 10% of Workers, Sending Shares Lower CEO Tobi Lutke says company made wrong bet on pandemic-fueled boom in e-commerce growth lasting []Shopify shares have fallen more than 80% since they peaked in November.Photo: James Park/Bloomberg News By Vipal Monga Updated July 26, 2022 10:10 am ET print Listen to article (2 minutes) Shopify is cutting roughly 1,000 workers, or 10% of its global workforce, rolling back a bet on e-commerce growth the technology company made during the pandemic, according to an internal memo. Tobi Lutke, the company's founder and chief executive, told staff in a memo sent Tuesday that the layoffs are necessary as consumers resume old shopping habits and pull back on the online orders that fueled the company's recent growth. Shopify, which helps businesses set up e-commerce websites, has warned that it expects revenue growth to slow this year. 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