Shopify reports earnings

Shopify reported Q1 revenue of $1.5B, up 25% YoY.  The firm announced during its earnings call that it plans to sell most of its logistics business and lay off staff. Shopify's gross profit stood at $717M, and it reported an operating loss of $193M. Shopify will sell most of its logistics operations to Flexport, which will become Shopify's logistics partner and preferred provider. The deal will also see Shopify gain a 13% equity interest in Flexport in addition to the shares it already owns. Shopify plans to lay off 20% of its workforce following the deal.