Shopify Inc , posted a surprise first-quarter profit on Thursday and said it would lay off 20% of its workforce in a second round of mass job cuts, sending its U.S.-listed shares more than 18.7% higher in early trade.
An employee works at Shopify's headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie/File Photo, posted a surprise first-quarter profit on Thursday and said it would lay off 20% of its workforce in a second round of mass job cuts, sending its U.S.-listed shares more than 18.7% higher in early trade.
"They can have the best of both worlds – a logistics business that makes them competitive with Amazon without having to manage a business that is not core to Shopify and had been losing money," said Gil Luria, analyst at D.A. Davidson & Co. But that bet unraveled last year, sharpening investor scrutiny of the capital-intensive project that could weigh on Shopify's earnings and forcing it to cut 10% of jobs in July.
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