Shopify Cuts 10% Of Its Staff and Concerning News About Google
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WHAT’S MOVING THE MARKET?
Google reports the slowest rate of growth in 2 Years. Alphabet posted $69.69 billion of second-quarter revenue on Tuesday, up 13% from the same period last year. That marked the slowest rate of growth since the second quarter of 2020. Google is considered a bellwether for the strength of online advertising. The slowdown suggests further weakness in an industry critical to the health of many internet companies.
Affordable home sales surge while luxury sales faltered in Q4. Sales of homes on the lowest end of the price spectrum increased 11.3% year over year in the fourth quarter, according to Redfin. At the same time, sales of luxury homes dropped 16.3%. The surge can be attributed to a number of economic factors, including a strengthening job market among lower-wage earners and the prevalence of investors snatching up single-family homes. Read more here.
New home supply is on the way. There are more new homes and apartments under construction now than at any time in the last 45 years. This includes everything from permitted homes that have not yet been started to homes whose completions have been delayed by months.
WHAT’S WORTH WATCHING?
Shopify will cut 10% of Its staff, with most workers gone by day’s end. Tobi Lütke, the company’s founder and chief executive, told staff in a memo sent Tuesday that the layoffs are necessary as consumers resume old shopping habits and pull back on the online orders that fueled the company’s recent growth. Shopify, which helps businesses set up e-commerce websites, has warned that it expects revenue growth to slow this year.
Amazon Prime plans inflation-busting 31% price hikes in Europe. The annual price of the free-shipping service will increase to £95 ($114.06) from £79 in the UK starting from Sept. 15, the company said in a statement on Tuesday. Prices will jump by 31% on average across the affected European countries and follows similar hikes in the US announced in February. Read more here.
One Bonus
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Just focus on getting 1% better—each and every day.
In Your Corner,
Jonathan Smith
The Redux Group | eXp Realty
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