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Shopify cuts staff as tech firms tighten belts

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Canadian e-commerce platform Shopify laid off about 10 percent of its workers on Tuesday as a pandemic-driven boom in online shopping has waned.

The reduction in workforce came while US tech giants scale back or even pause hiring due to economic conditions roiled by inflation and the war in Ukraine.

"It's now clear that bet didn't pay off," Lutke said."The next part of the journey will involve fewer teammates than we have picked up along the way." From Amazon to social networking star Facebook, US tech firms that once grew with abandon have reined in hiring to endure tumultuous times.

 

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