By Colin KellaherShares of Shopify Inc. slid more than 10% in premarket trading Tuesday after The Wall Street Journal reported that the online platform for retailers is cutting 10% of its workforce. The Ottawa company is shedding roughly 1,000 jobs as it rolls back a bet on e-commerce growth it made during the Covid-19 pandemic, The Journal reports, citing an internal memo from Tobias Lutke, Shopify's founder and chief executive. U.S.-listed shares of Shopify, which closed Monday at $36.71, were recently changing hands at $32.45, down nearly 12%, in premarket trading. The stock is down roughly 80% from its high of $176.29 reached in November. Write to Colin Kellaher at colin.kellaher@wsj.com(END) Dow Jones NewswiresJuly 26, 2022 09:05 ET (13:05 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal July 26, 2022 13:12 UTC