"If you find yourself in a hole, stop digging." That's wise advice, unless you're trying to dig a hole. Shopify (NYSE: SHOP) recently found itself in a hole with its shipping logistics business and made the grown-up decision to sell it instead of continuing to dig.
That change in the business model has completely upended the thesis of Shopify becoming a one-stop shop for all things e-commerce for small and medium-size businesses. So is the stock still worth an investment? Read on to find out.
On June 6, Shopify said it completed the sale of its shipping divisions to Flexport. Shopify was already an investor in Flexport, and it believes that Flexport is a "mission-aligned partner." Flexport will become the official logistics partner for Shopify, so customers should see a seamless transition.
Source Fool.com