Shopify to Lay Off , 20% of Employees.<br />The company announced its second round <br />of layoffs on May 4, Reuters reports. .<br />Shopify, like many businesses, expected the boom caused by the pandemic to continue, but it didn't.<br />In July 2022, the company <br />laid off 10% of its workforce.<br />Now, it's laying off 20% more.<br />Shopify also revealed that it sold <br />its logistics operation to Flexport.<br />The all-stock deal gives Shopify <br />a 13% stake in the company.<br />Shares rose 16% in premarket <br />trading as a result.<br />The company also reported Q1 results <br />that were better than expected. .<br />Revenue was at $1.51 billion for the quarter.<br />Reuters reports that Spotify has been able to increase its subscription fees since businesses like Mattel and Coty have joined the platform
