Shopify
- Shopify shares rose as much as 28% Thursday after reporting a profit and announcing the sale of its logistics business.
- It also announced that it will reduce headcount at the company by 20%.
- Insider previously reported that Shopify was looking to change tack and pivot from logistics.
Shopify stock surged 28% on Thursday after the e-commerce company reported a surprise earnings beat for the first quarter and announced that it sold its logistics unit and would embark on a new round of reductions to headcount.
Insider previously reported in April that people at the company were expecting more layoffs ahead of the latest earnings, following a round of cuts last year.