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Shopify was among the hottest pandemic stocks in 20 as online shopping boomed. What we see now is the mix reverting to roughly where pre-COVID data would have suggested it should be at this point.” “We bet that the channel mix - the share of dollars that travel through e-commerce rather than physical retail - would permanently leap ahead by five or even 10 years” because of the pandemic, Lutke wrote. The Wall Street Journal reported the job cuts earlier July 26. Shopify tumbled 14% to $31.55 in New York, the biggest drop since May 5.
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