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Shopify Says Tight Engineering Labor Is Biggest Check on Growth
- Company pays above market to attract talent: president
- Canadian firm doesn’t plans buybacks, splits or dividends
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Shopify Inc.’s blockbuster second-quarter earnings --129% higher than analysts were expecting -- got a hefty boost from lower-than-expected hiring costs.
“Engineering hiring is probably the biggest limiter to Shopify’s growth,” Harley Finkelstein said in an interview after the results. The company had hoped to hire 2,021 new engineers this year and current conditions mean “obviously, it’s hard to do that,” he said, without disclosing the number that have been hired.