adplus-dvertising
Connect with us

Business

Shopify's plans for a new Vancouver office with 1000 employees in doubt | Urbanized – Daily Hive

Published

 on


Plans for Shopify’s new major office in downtown Vancouver could be up in the air, after the e-commerce company signalled on Thursday it will transition into a permanent work-from-home model, even after COVID-19.

Tobi Lutke, CEO of Shopify, announced the new direction in a series of tweets, stating that Shopify is now a “digital by default company” and “office centricity is over.”

“Until recently, work happened in the office. We’ve always had some people remote, but they used the internet as a bridge to the office. This will reverse now,” he wrote.

300x250x1

“The future of the office is to act as an on-ramp to the same digital workplace that you can access from your work-from-home setup. This means that the work experience should be the same for everyone who works together at Shopify no matter where they are working from.”

Meetings will continue to be conducted virtually, and employees will use the “best digital communications tools to work together.”

All of its offices will remain closed until 2021 to rework these workspaces for the company’s “new reality.” After this, most of the employees will work remotely.

This direction creates some uncertainty for Shopify’s new Vancouver office, scheduled to open in late 2020.

In January, Shopify announced its plans for the new office, occupying over 70,000 sq. ft. across four levels of Four Bentall Centre at 1055 Dunsmuir Street. At the time, this was described as a custom-designed space “where employees will thrive.”

This was deemed as a research and development hub for the company, with a focus on software development. The office would employ up to 1,000 people, with positions such as backend developers, data engineers, mobile developers, web developers, product designers, and product managers.

They said their investment in Vancouver “will create jobs, support our local merchants, partners and community organizations.”

In a statement to Daily Hive, Brittany Forsyth, the Chief Talent Officer of Spotify, said the company is committed to retaining its recruiting hubs at its current and future Canadian markets, and other global locations.

“Digital by default is the mental model we’ll use to transform our ways of working, so we can match the ingenuity and creativity we’re seeing our merchants exhibit as they adapt,” she said.

A Shopify spokesperson also added they are drawing from the experiences of their support team and others who have worked from home this way for years. The office locations will remain closed until at least next year to allow for a redesign of their office spaces.

The company already has a smaller local presence at Three Bentall Centre at 595 Burrard Street.

“COVID is challenging us all to work together in new ways. We choose to jump in the driver’s seat, instead of being passengers to the changes ahead. We cannot go back to the way things were. This isn’t a choice; this is the future,” wrote Lutke.

Shopify is headquartered in Ottawa, and has offices in Toronto, Montreal, Waterloo, San Francisco, Berlin, Vilnius, Shenzhen, Sydney, Tokyo, Singapore, Bangalore, London, New York City, and Stockholm. It employs over 5,000 people worldwide. It recorded revenues of nearly $1.6 billion in 2019.

In 2018, the company announced it was investing as much as $500 million to open a new 254,000-sq-ft office at The Well in downtown Toronto. It was slated to open in 2022. Another new office location is located near this hub.

Let’s block ads! (Why?)

728x90x4

Source link

Business

Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

Published

 on


[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

728x90x4

Source link

Continue Reading

Business

Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

Published

 on


Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

300x250x1

“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

ADVERTISEMENT

Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

Published

 on



Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



300x250x1


Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Premium Content

  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

oil

Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today


Back to homepage

<!–

Trending Discussions

–>

Related posts

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending