Hootsuite cutting 30% of staff in latest round of tech layoffs

Hootsuite cutting 30% of staff in latest round of tech layoffs

Hootsuite Inc. says it will lay off 30 per cent of its staff as part of a global restructuring. The Vancouver-based social media business declined to answer questions about the exact number of staff laid off or what triggered the job cuts, but the most recent figures from financial data firm Refinitiv show the company … Read more

Tech layoffs and the workers they impacted

Tech layoffs and the workers they impacted

The technology sector has been a savor for thousands of Toronto workers during the pandemic: as service workers were laid off during lockdowns, the tech companies sucked them up, giving many a chance at new, more lucrative careers. But now it’s the tech sector that’s under duress: Over the past few months, major companies like … Read more

Shopify losses, job vacancies and a technical recession: The business and investing stories you need to know about this week

Shopify losses, job vacancies and a technical recession: The business and investing stories you need to know about this week

The logo of Shopify hangs behind the Canadian flag after the company’s IPO at the New York Stock Exchange on May 21, 2015.Lucas Jackson/Reuters Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, … Read more

The Globe’s stars and dogs for the week

The Globe’s stars and dogs for the week

Walmart (DOG) WMT-NYSE Business quiz! Shares of Walmart fell – and later recouped most of their losses – after the retailer: a) said it will close all 10,500 of its stores on Aug. 1 “to give our hard-working employees a well-deserved mental-health day”; b) changed its slogan from “Save Money. Live Better” to “Spend More … Read more

The earnings season is off to a rocky start. Here’s what to look out for next

The earnings season is off to a rocky start.  Here’s what to look out for next

Investors are scouring second-quarter earnings reports, including several landing this week in Canada and the US, for signs of an economic slowdown and just how bad it could get. The impact of surging inflation and energy prices on corporate margins and revenues, and the outlook for the last half of this year, are all expected … Read more

Shopify shares plunge as online shopping giant slashes workforce by 10 per cent

Shopify shares plunge as online shopping giant slashes workforce by 10 per cent

That big pandemic bump for online shopping? Seems it wasn’t permanent after all. Ottawa-based online shopping giant Shopify announced Tuesday it is laying off 10 per cent of its workforce, with CEO Tobias Lutke admitting the company had bet too heavily on the COVID-19 pandemic bump in e-commerce. “We bet that the channel mix — … Read more

Shopify to lay off 10% of workforce after pandemic growth bet ‘didn’t pay off’: CEO – National

Shopify to lay off 10% of workforce after pandemic growth bet ‘didn’t pay off’: CEO – National

Shopify, the Canadian e-commerce giant that was once the country’s most valuable company, is laying off roughly 1,000 employees as pandemic growth stalls. Shares of Shopify sank roughly 16 per cent on the Toronto Stock Exchange on Tuesday in reaction to the news it will cut 10 per cent of its staff, trading at $39.60 … Read more

Shopify cancels fall internships, pauses recruiting for further roles amid fallen stock price

Shopify cancels fall internships, pauses recruiting for further roles amid fallen stock price

Shopify Inc. headquarters sign is seen in Ottawa, May 3, 2022.Sean Kilpatrick/The Canadian Press Shopify Inc. is canceling internships and job offers for people who were to begin working for the Ottawa-based e-commerce company this fall, as it deals with challenges posed by its fallen stock price. In a statement to The Globe and Mail … Read more

Shopify delays compensation overhaul, lays off 50, as fallen stock price complicates plans

Shopify cancels fall internships, pauses recruiting for further roles amid fallen stock price

Shopify Inc. headquarters in Ottawa on May 3.Sean Kilpatrick/The Canadian Press Shopify Inc. SHOP-T is putting off a compensation overhaul that would give its employees more choice in how they are paid, as the Ottawa-based company addresses the challenges posed by its fallen stock price and the persistent sell-off pummelling the technology sector . In … Read more

Shopify shareholders grant CEO Tobias Lutke 40% voting stake, approve 10-for-1 stock split

Shopify shareholders grant CEO Tobias Lutke 40% voting stake, approve 10-for-1 stock split

Shareholders at Shopify Inc. SHOP-T have voted in favor of giving chief executive officer Tobias Lutke a special “founder share” that entrenches his control of the company. At an annual meeting held Tuesday, shareholders voted to give Mr. Lutke, his family and his affiliates 40 per cent of the total voting power at Shopify. As … Read more