Shopify’s (SHOP) share price plunged 14% on Friday after the e-commerce company terminated contracts with several warehouses and fulfillment partners. The Insider reports that the cancellation could reduce the scope of the company’s work and affect its ability to pack and ship orders for merchants. Shopify is a Canadian company that operates a cloud-based commerce platform and allows small and medium-sized businesses to operate online. Its software is used to run businesses across all sales channels. Termination of Contracts According to two fulfillment partners, Shopify will end up with roughly half of its previous capacity to ship orders to merchants.
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Shopify (NYSE:SHOP)
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