Read previewIn October 2022, Shopify's once high-flying stock hit its lowest price since before the Covid pandemic.
AdvertisementNow, after two rounds of layoffs and a divestment of its fulfillment and logistics business, the picture looks a bit different for Shopify.
Shedding a "money-losing logistics business"Dropping logistics and fulfillment is a major part of Shopify's stock comeback story.
In May 2023, Shopify announced it would be selling the logistics business entirely to Flexport.
In May 2023, Shopify cut another 20% of its workforce as it sold its logistics business to Flexport.
Persons:
—, Shopify's, Shopify, Oppenheimer, Ken Wong, Wong, D.A, Davidson, Gil Luria, Tobi Lütke, Lütke, Luria, Morgan Stanley, Jeff Hoffmeister, Bhavin Shah, GMV, We've, Shah
Organizations:
Service, Business, Systems, Investors, SEC, Deutsche Bank
Locations:
Salesforce, mstone@businessinsider.com