Why did Shopify layoff?

Why did Shopify layoff? In a memo to staff on July 26, which was later made public on the company’s website, chief executive officer Tobias Lutke apologized for overestimating how much e-commerce would grow – a miscalculation that led the company to immediately cut about 1,000 jobs, or 10 per cent of its work force, mostly in the sales,

In a memo to staff on July 26, which was later made public on the company’s website, chief executive officer Tobias Lutke apologized for overestimating how much e-commerce would grow – a miscalculation that led the company to immediately cut about 1,000 jobs, or 10 per cent of its work force, mostly in the sales,