美国企业界正经历一场前所未有的裁员潮。过去被视为增长象征的人才扩张，如今却成了企业眼中的负 担。当美国企业利润在去年底创下历史新高时，标普500公司中却有五分之一在过去十年中缩减了规 模。 据《华尔街日报》6月18日报道，过去三年美国上市公司白领岗位缩减3.5%，标普500成分股中每五家 就有一家持续十年瘦身。裁员潮罕见脱离经济周期，伴随去年末美企利润创纪录增长，亚马逊、美银等 巨头借AI与组织扁平化推行"人效改革"，普通员工与管理层同时沦为优化目标。 宝洁本月宣布将裁减7000个职位，占其非制造业员工的15%，目标是创建"更广泛的角色和更小的团 队"。雅诗兰黛和约会应用运营商Match Group最近均表示已裁减约20%的管理人员。微软也计划在未来 几周内裁减销售部门和其他团队的数千名员工。 这场裁员潮的独特之处在于，它并非源于业绩下滑的被迫之举。而是在AI时代，"人多力量大"正被"精 兵强将"取代。对于这个现象，美银CEO直言： 更少的人力和更低的成本造就更高产出。 AI催化"人效崇拜" 越来越多的公司正在注重效率而不是规模，人多反而成了发展的阻碍。报道称，从西雅图的大型企业到 北卡罗来纳州夏洛特的美国银 ...

Core Points - Shopify Inc. held its 2025 Annual Meeting of Shareholders on June 17, 2025, where all director nominees were elected and PricewaterhouseCoopers LLP was appointed as auditors [1] - A non-binding advisory resolution on executive compensation was approved by shareholders [1] Group 1: Election of Directors - All ten nominees for director were elected with the following vote percentages: - Tobias Lütke: 98.18% for, 1.82% against - Lulu Cheng Meservey: 99.81% for, 0.19% against - Gail Goodman: 75.71% for, 24.29% against - David Heinemeier Hansson: 99.81% for, 0.19% against - Jeremy Levine: 94.27% for, 5.73% against - Prashanth Mahendra-Rajah: 99.38% for, 0.62% against - Joe Natale: 97.65% for, 2.35% against - Kevin Scott: 99.69% for, 0.31% against - Toby Shannan: 99.69% for, 0.31% against - Fidji Simo: 83.76% for, 16.24% against [2] Group 2: Appointment of Auditors - PricewaterhouseCoopers LLP was appointed as Shopify's auditors with 99.35% of votes in favor and 0.65% withheld [3] Group 3: Executive Compensation - The non-binding advisory vote on executive compensation received 62.33% in favor and 37.67% against [5] Group 4: Board of Directors' Leadership - Following the meeting, Tobias Lütke is expected to continue as Chair of the Board, and Joe Natale is set to serve as Lead Independent Director [5] Group 5: Company Overview - Shopify is a leading global commerce company providing essential internet infrastructure for commerce, trusted tools for businesses of all sizes, and operates in over 175 countries [6]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Core Insights - The article expresses a personal investment perspective, highlighting a long position in Amazon (AMZN) shares, indicating confidence in the company's future performance [2]. Company Analysis - The analyst has a beneficial long position in AMZN, which may suggest a positive outlook on the company's stock performance [2]. - The article emphasizes the importance of conducting personal in-depth research before making investment decisions, reflecting the inherent risks in trading [3]. Industry Context - The analysis is intended for informational purposes only, underscoring the need for investors to perform their own due diligence in the context of market volatility and potential capital loss [3].

Group 1 - The article discusses the investment strategy of a family office fund led by Amrita, focusing on sustainable, growth-driven companies that maximize shareholder equity [1] - Shopify (SHOP) was previously rated a "buy" with a price target of $125, although the stock experienced a decline due to market volatility following post-Liberation Day announcements [1] - Amrita has a background in high-growth supply-chain start-ups and has worked with venture capital firms, enhancing her expertise in maximizing returns for clients during the pandemic [1] Group 2 - Amrita's newsletter, The Pragmatic Optimist, aims to democratize financial literacy and simplify complex macroeconomic concepts for better understanding [1] - The newsletter has been recognized as the Top Newsletter in Finance on popular platforms, indicating its influence and reach in the financial community [1]

Group 1 - The company focuses on investing in firms with strong qualitative attributes, aiming to buy at attractive prices based on fundamentals and hold them long-term [1] - The investment strategy involves managing a concentrated portfolio to avoid underperformers while maximizing exposure to high-potential winners [1] - The company may rate strong companies as 'Hold' if their growth opportunities do not meet the required threshold or if the downside risks are deemed too high [1]

Group 1 - The article highlights that despite market retreats from all-time highs indicating investor concerns over valuations, there are exceptions for exceptional growth stocks with long-term expansion opportunities regardless of high price multiples [1] Group 2 - Gary Alexander has extensive experience in covering technology companies on Wall Street and working in Silicon Valley, providing insights into current industry themes [2]

Company Performance - Shopify's stock closed at $109.21, down 4.31% from the previous trading session, underperforming the S&P 500 which gained 0.38% [1] - Over the past month, Shopify's shares increased by 2.4%, lagging behind the Computer and Technology sector's gain of 11.61% and the S&P 500's gain of 6.6% [1] Upcoming Financial Results - Shopify's upcoming EPS is projected at $0.28, indicating a 7.69% increase compared to the same quarter last year [2] - The consensus estimate for quarterly revenue is $2.54 billion, reflecting a 24.29% increase from the year-ago period [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $1.4 per share and revenue at $10.85 billion, representing increases of 7.69% and 22.24% respectively from the prior year [3] - Recent changes to analyst estimates suggest a positive outlook for Shopify's business and profitability [3] Analyst Ratings and Valuation - The Zacks Rank system, which evaluates estimate revisions, currently ranks Shopify at 3 (Hold) [5] - Shopify has a Forward P/E ratio of 81.67, significantly higher than the industry average of 18.8, and a PEG ratio of 4.22 compared to the industry average of 1.38 [6] Industry Context - The Internet - Services industry, which includes Shopify, ranks in the bottom 44% of all industries according to the Zacks Industry Rank [7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - Shopify's stock experienced a significant increase, rising as much as 6.4% on a recent trading day, attributed to both market trends and the announcement of a new tool for merchants [1] Group 1: New Product Launch - Shopify has partnered with Sovos to introduce Shopify Tax, an automated tax filing tool designed to simplify sales tax return preparation and submission for U.S. merchants [3] - The Sales and Use Tax Filing solution is integrated into Shopify's systems, reducing the time required for sales tax compliance and minimizing audit risks [4] Group 2: Merchant Support - Shopify provides a comprehensive suite of tools for merchants, enabling them to manage various aspects of their business, including website creation, marketing automation, inventory management, shipping, and payment processing [5] Group 3: Financial Performance - In the first quarter, Shopify reported a 27% year-over-year revenue increase and a 56% jump in free cash flow, with net income also climbing 56% when excluding equity investment value changes [6] - Over the past three years, Shopify's stock price has appreciated by 236%, reflecting its consistent performance [6] Group 4: Valuation Metrics - Currently, Shopify's stock trades at 94 times earnings and 16 times sales, but these figures do not fully reflect the company's growth potential. The price-to-earnings growth (PEG) ratio indicates a multiple of 0.04, suggesting the stock may be undervalued [7]

Core Insights - Shopify is experiencing significant growth in its merchant base, driven by user-friendly tools such as Shop Pay, Shopify Pay Instalments, Sign in with Shop, and the Shop App, which enhances its future prospects [1] Financial Performance - In Q1 2025, Merchant Solutions generated revenues of $1.74 billion, representing 73.7% of Shopify's total revenues, with a year-over-year increase of 29% due to strong Gross Merchandise Volume and increased penetration of Shopify payments [2] - Shop Pay processed $22 billion in Gross Merchandise Value in Q1 2025, marking a 57% year-over-year increase, with notable adoption by large brands like Birkenstock and Lilly Pulitzer [3] Technological Advancements - Shopify's investment in AI-driven tools, including Shopify Sidekick and Shop Inbox, is enhancing customer engagement and operational efficiency for merchants [4] - The expansion of partnerships with platforms such as TikTok, Snap, and Amazon is expected to further grow Shopify's merchant base [4][10] Competitive Landscape - Shopify faces intense competition from Alibaba and Amazon, with Alibaba's ecosystem providing multiple revenue streams and Amazon's "Buy with Prime" service enhancing its fulfillment capabilities [5][7] - Alibaba's Taobao and Tmall have strengthened their partnership with Xiaohongshu, allowing merchants to embed product links directly into content posts, which could enhance their market position [6] Stock Performance and Valuation - Shopify's stock has increased by 8.3% year-to-date, outperforming the Zacks Computer & Technology sector, which returned 2.4% [8] - The stock is trading at a forward 12-month Price/Sales ratio of 12.14X, significantly higher than the industry average of 5.31X, indicating a premium valuation [11] - The Zacks Consensus Estimate for Q2 2025 earnings is 28 cents per share, reflecting a 7.69% year-over-year increase, while the estimate for 2025 earnings remains at $1.40 per share, also suggesting 7.69% growth [13]