Shopify has announced that it will cut 20% of its workforce

Shopify Inc.

Shopify Inc Stock Forecast:

The stock forecast for Shopify Inc based on the opinions of 7 analysts,  have an average target price of CAD 76.33 for the company over the next 12 months. The average analyst rating for Shopify Inc is Strong Buy. However, Stock Target Advisor’s analysis is slightly bearish based on 3 positive signals and 6 negative signals. Shopify Inc’s stock price is CAD 63.05, which is a change of -0.36% over the past week, -1.44% over the past month, and +5.59% over the past year.

Recent Analyst Ratings for Shopify:

May 1, 2023

  • Scotia Capital maintains a Sector Perform rating and a $62 target for Shopify (SHOP:TSX)
  • STA Research maintains a Buy rating and raises the target to$75 from $65

April 11, 2023

  • STA Research maintains a Buy rating and a $65 target

February 16, 2023

  • TD Securities maintains a Hold rating and a $63 target
  • CIBC World Markets maintains an Outperform rating and a $87 target
  • Morningstar maintains a Hold rating and a $60 target
  • RBC upgrades to an Outperform rating and raises the target to $65
  • ATB Capital Markets raises the target to $82
  • Scotia Capital raises the target to $62

February 2, 2023

  • STA Research maintains a Buy rating and a $65 target

Shopify News:

Shopify has announced that it will cut 20% of its workforce, marking the company’s second round of mass layoffs. The news comes as a surprise to many, especially given that the company had just released its first-quarter financial results, which beat revenue estimates. The layoffs will affect approximately 2,000 employees, primarily in the customer service and retail divisions.

The decision to cut jobs was not an easy one for Shopify, as the company has always prided itself on being employee-friendly. In fact, just last year, Shopify CEO Tobi Lütke had promised that the company would not conduct any further mass layoffs. However, with the changing business landscape, the company has had to make some tough decisions.

Despite the layoffs, Shopify’s financial results were impressive. The company’s revenue for the first quarter of 2023 came in at $988.6 million, up 110% compared to the same period last year. The company also reported a net income of $1.25 per share, which exceeded analysts’ expectations of $0.75 per share. The company’s subscription solutions revenue also grew by 71% year-over-year, driven by the growth of its merchant base.

 

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