As the online pandemic boom fades, Shopify cuts 1,000 jobs

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Shopify is cutting 10% of its staff, or about 1,000 employees, as the e-commerce company reckons with an unexpected sales downturn after a pandemic-fueled explosion. There has been a wave of layoffs or cutbacks in the tech sector with Wall Street distancing itself from some of the fast-growth companies that flourished over the past two years. Shares of Shopify tumbled 15% Tuesday.