Shopify to cut 20% of its workforce, beats quarterly revenue estimates

(Reuters) -Canada’s Shopify (NYSE:) Inc said on Thursday it would cut 20% of its workforce, marking the Canadian e-commerce company’s second round of mass layoffs.

The company also beat Wall Street estimates for first-quarter revenue, sending its U.S.-listed shares up 8% in trading before the bell.

The company posted revenue of $1.51 billion in the quarter ended March 31, compared with analysts’ estimate of $1.43 billion, according to Refinitiv data.