Shopify Changes Earnings Call Time As Employees Brace for Layoffs
source link: https://www.businessinsider.com/shopify-changes-earnings-call-time-as-employees-brace-for-layoffs-2023-5
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Shopify will release earnings earlier than planned as employees ready themselves for more layoffs
Shopify CEO Tobi Lütke. David Fitzgerald/Sportsfile via Getty Images
- Shopify changed the timing of its earnings call on Thursday.
- It now plans to report earnings before the markets open.
- Employees told Insider they fear layoffs are on the way.
Shopify has moved up the timing of its quarterly earnings call as employees brace for possible layoffs.
While the company was originally scheduled to report earnings after markets closed on Thursday, it now plans to report before they open, at 8:30 a.m. ET. Shopify announced the revised timing late on Monday afternoon.
A company representative did not immediately return Insider's request for further comment.
Fear has been growing among employees that Shopify plans to lay off workers within the next several days. Employees said that the company has canceled a number of upcoming "bursts," which is Shopify's name for team off-sites, and other in-person events.
The results of the company's latest performance reviews are also due early next month, according to several employees. Company leadership told workers in the fall that it planned to change how it evaluated employees' performance. Employees now fear that fewer people will be graded positively on those evaluations, which Shopify calls "impact reviews.
Shopify has frequently spoken about its goal to build a more efficient and focused organization this year, both in earnings calls and internally. In March, Shopify announced a new framework that would classify employees as either managers or "crafters," with the goal of incentivizing more employees to be individual contributors. The company said it expected there would be fewer managers overall under this framework.
Shopify laid off 10% of its workforce — or roughly 1,000 people — last July. At the time, it said the layoffs were necessary because the company had miscalculated the long-term impact that the pandemic would have on the e-commerce sector. The company also quietly laid off several dozen employees before and after the mass layoff was announced.
If you're a Shopify employee with a story to share, contact this reporter at [email protected] or on the encrypted messaging app Signal at (646) 889-2143 using a nonwork phone.
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