Shopify narrowing its ambition, sells Deliverr, other pieces
Shopify is selling the two biggest pieces of its fulfillment network and is abandoning its logistics ambitions NEW YORK -- Shopify, the e-commerce company viewed as a growing com Pet itor to Amazon, is selling the two biggest pieces of its fulfillment network and abandoning its logistics ambitions. It's a remarkable reversal after the Canadian company's multiyear effort to build its own warehousing and delivery services. But investors welcomed the company's move to focus more on its retail Business on Thursday by sending its stocks as high as 15% in premarket trading. Shopify also said in its earnings report that it pulled in $1.5 billion in revenue for the first quarter, which outperformed Wall Street's expectations. It reported a profit when analysts had been expecting a loss. Most of Shopify’s fulfillment assets will be acquired by logistics provider Flexport in an all-stock deal that also includes the sale of the shipping service company Deliverr, the company s...