E-commerce company Shopify, reported a loss in June quarter while revenue and gross merchandise volume missed estimates.
Shopify (SHOP) stock dropped as much as 16% on the day they announced a 10% (1,000 workers) cut on their workforce by the end of Tuesday.
The changes were explained in an email to the workers by CEO Tobias Lutke.
When the pandemic hit, the demand for Shopify "skyrocketed" he included.