Shopify to Lay Off 10% of Workforce. The Stock Is Plunging.

Shopify stock was tumbling in premarket trading Tuesday after the e-commerce company joined a growing list of tech companies laying off workers in response to a challenging macroeconomic environment.

The company will be culling about 1,000 workers, or 10% of its workforce, starting Tuesday, the company said in a memo mailed out to staff. Shopify (ticker: SHOP ) will cut jobs across all divisions, but the layoffs will be concentrated in recruiting, support, and sales, the company said.

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