E-commerce platform Shopify on Thursday reported $1.5 billion in revenue for the first quarter ending March 31. That’s up 25% from a year ago. The company also reported $717 million in gross profit and an operating loss of $193 million. The operating loss represents 13% of revenue, up from $98 million or 8% of revenue a year ago.
Also Thursday, the company announced it’s selling the majority of its logistics business to Flexport. As a result of that change, 20% of Shopify’s staff are being laid off, effective immediately.
Harish Abbott, co-founder and CEO of Deliverr, will lead the transition of Shopify’s logistics business to Flexport under the guidance of Dave Clark, Flexport’s CEO. The deal is expected to close in the second quarter, subject to certain conditions and regulatory approval.
Source: Retail Dive
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