Layoff News: The process of layoffs continues in big companies. Now the veteran e-commerce company has decided to lay off up to 20 percent of the employees.
Shopify Layoffs: The process of layoffs in giant companies is not taking its name. Now Canada’s leading e-commerce platform company Shopify has once again decided to lay off employees on a large scale. The company is going to reduce its total workforce by 20 percent. According to Reuters report, the company announced on Thursday that it is going to show the way out to 20 percent of its employees.
Quarterly results better than expected
Earlier, the company also released its first quarter results which are much better than expected. After this, the company’s shares have registered an increase of up to 8 percent. The company’s total revenue for the quarter ended March 31 was $1.51 billion. At the same time, many experts expected that it would not exceed $ 1.43 billion. In such a situation, the performance of the company has been much better.
Shopify has done big layoffs before
Even in July 2022, the veteran e-commerce platform had laid off on a large scale. Shopify had shown the way out to 1000 employees i.e. 10 percent of its total workforce. After this decision, the company’s founder and CEO Toby Lutke had said that it was very important for the company to take this decision. During the Corona lockdown, the way people shopped had changed a lot and they were more dependent on online shopping. Now there have been major changes in this and people have returned to their old shopping methods.
Cognizant also announced layoffs
America’s big company Cognizant has also announced the layoff of 3,000 employees. The company has taken this decision after a year-on-year decline of 0.3 per cent in its revenue. Although the company’s profit has increased year by year and has registered an increase of about 3 percent. In such a situation, to manage its expenses, the company has decided to lay off on a large scale.
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