![]() The move rattled Walmart e-commerce rivals, including Amazon, and raised the possibility of a broader consumer spending pullback. Walmart on Monday unexpectedly slashed its profit outlook for the remainder of the year, as higher food and fuel costs eat into customers’ discretionary spending.Shopify shares sank 15% in mid-day trading Tuesday. In a message to employees, CEO Tobi Lütke said the company’s bet on e-commerce growth rates continuing at the same rate as the past two years “didn’t pay off,” forcing him to downsize. Shopify announced immediate layoffs Tuesday morning totaling roughly 10% of its workforce.With several of the industry’s power players set to release quarterly earnings reports over the next 50 hours-including Alphabet, Microsoft, Meta, Shopify, Apple, Amazon, and Intel, among others-early signs point to widespread havoc throughout the various corners of the tech universe.Ĭonsider that in the past 24 hours alone: ![]()
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