Shopify, a Canadian e-commerce company, announced on Thursday that it is cutting 20% of its workforce. The news came as it reported first-quarter earnings that beat analyst estimates on both the top and bottom lines. Shares of Shopify surged more than 26% in early trading. CEO Tobi Lütke announced the job cuts in a memo to employees posted on the company’s website. He didn’t specify which units will be affected as a result of the layoffs. Shopify had about 11,600 employees and contractors as of Dec. 31. The cuts mark the second round of layoffs for the Canadian e-commerce company. Shopify last July laid off 10% of its workforce after Lütke said the company had misjudged how long the Covid pandemic-fueled e-commerce boom would last. Lütke said Shopify is slimming down as a company as it focuses on its core business, which is making

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