Shopify Stock Surges on Surprise Profit Despite Job Cuts and Logistics Business Sale
Shopify has announced that it will be 20% smaller after laying off employees and selling its logistics business to Flexport, as part of an effort to streamline operations and focus on core services. The news came as Shopify announced Q1 earnings, which showed a 15% increase in Gross Merchandise Volume (GMV) year-over-year and a 25% increase in total revenue, exceeding Wall Street projections.
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