Prior to Tuesday’s premarket announcement of a significant reduction in its workforce, Mr. Shopify to cut 10 per cent of staff as ecommerce slowsĪnalysts slash estimates for Shopify amid global retreat for tech stocks However, he does not expect that “social selling” to have a “meaningful” impact in the near-term. The analyst acknowledged the Ottawa-based firm’s new partnership with YouTube “generated some buzz” and will allow merchants to advertise, sell and tap into YouTube’s “vast” subscriber’s base. We still expect management to talk to 2022 as an investing year particularly with Deliverr closing and a much lower margin profile.” We note that job postings have declined materially from recent highs (off 80 per cent) which may signal lower management confidence, but also more of a focus on balanced profitability. This ranges from slower web traffic to deteriorating spending seen from our proprietary credit card data in apparel/electronics category where SHOP has considerable exposure. “Checks and data points suggest continued weakening consumer demand. “The setup for SHOP into Q2 remains challenging given more prominent macro headwinds in the second quarter and back half of the year,” he said in a note released Tuesday. ( SHOP-N, SHOP-T) enjoyed “some new partnership momentum” during the second quarter, Citi analyst Tyler Radke warned its financial results are likely to be hurt by “a continuation of e-commerce normalization and fresh new economic headwinds.” Inside the Market’s roundup of some of today’s key analyst actions

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