TORONTO — Shopify Inc. executives warned investors and analysts that it is expecting personnel expenses to weigh on its 2023 outlook as it revealed its most…
Jeff Hoffmeister, the Ottawa-based e-commerce technology company’s new chief financial officer, said the higher personnel expenses are linked to Shopify’s Flex Comp program.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
In January, it announced chief technology officer Allan Leinwand was departing the company, with chief executive Tobi Lutke to take on some of his responsibilities. The Shopify executives are confident they can restore the long-term tech darling to its former glory because they say the company has been profitable for five out of the seven years since its initial public offering.
But operating well in this environment will also mean facing off against constant foe Amazon, who dominates the e-commerce sector. Finkelstein’s remarks come as Shopify recorded a loss of US$623.6 million in its most recent quarter as revenue increased by 26 per cent since last year.Article content
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