Shopify, the Canadian e-commerce company that became a $170 billion behemoth during the pandemic but has seen growth plummet as people return to in-store shopping, said Tuesday it would fire 10 percent of its workforce.

The firm had bet that the surge in online shopping as people were forced to stay home to avoid covid-19 would fundamentally change how the retail industry works, but was now seeing that e-commerce growth has settled back to normal levels, chief executive Tobi Lütke said in a blog post on the company’s website…

Other big tech companies slowed hiring as well and told employees to expect to do more with fewer resources. Google CEO Sundar Pichai told workers earlier this month that “sunnier days” were over. In the company’s quarterly public conference call this past week, Porat said the hiring slowdown would be more “pronounced” in 2023, signaling the company believes a downturn could last longer than just a few months.

Amazon may also reduce hiring in its tech and engineering divisions if a significant economic downturn takes place. “We will continue to add head count,” Olsavsky said, “but we’re being very mindful of the economic conditions that could present itself.”