Shopify is still on my radar, but...

They had bet on more growth than there turned out to be for now, and recently ended up laying off 10% of their employees.

This is the July 26 letter from founder and CEO Tobi Lütke to everyone working at Shopify:
https://news.shopify.com/changes-to-shopifys-team#

“What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point. Still growing steadily, but it wasn’t a meaningful 5-year leap ahead. Our market share in ecommerce is a lot higher than it is in retail, so this matters. Ultimately, placing this bet was my call to make and I got this wrong. Now, we have to adjust. As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that.”

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In previous quarter the biggest chunk of their loss was mark to market of their stock investments. Operating numbers look ok. They over invested in growth and now trim some excesses.

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