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Shopify calls 2022 a ‘transition year’ as Q2 earnings come in just below expectations

OTTAWA — Shopify is warning that this will be a “transition year,” as high inflation and the end of the COVID-19 online-shopping boom will hurt the company’s business of selling commerce tools to merchants. But it insists recent staff cuts won’t slow its product plans.  

On Wednesday the firm reported US$1.3 billion in revenue in the second quarter, up 15.7 per cent year-over-year, compared to analysts’ consensus estimate of US$1.33 billion as compiled by FactSet. It comes one day after the firm announced plans to lay off a tenth of its workforce. Here are the numbers that matter in Shopify’s second-quarter earnings:

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