Shopify Laying Off 20% of Staff, Selling Logistics Unit, Beating Earnings Estimates

Shopify is cutting 20% of its workforce and selling its logistics business to Flexport.
The company reported quarterly earnings that surpassed analysts' expectations.
CEO Tobi Lütke said the cuts were meant to refocus the company on its core business following its push into logistics.
Shopify acquired logistics startup Deliverr for $2.1 billion less than a year ago but is now selling the unit.
Shopify's stock price jumped nearly 18% on the news.