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- Canadian e-commerce giant Shopify Inc. saw its stock plummet by over 21% in the morning trading session in New York on Wednesday, following the announcement of its financial results.
- As of 11:55 a.m. EDT, Shopify shares were trading at $62.40, marking a 19.01% decrease on the New York Stock Exchange (NYSE).
- The company reported a loss of $273 million in Q1, a significant drop from the $68 million profit it posted a year ago.
Shopify Inc.’s stock takes a hit following the announcement of a Q1 loss, marking a significant shift from the company’s performance a year ago.
Shopify Inc.’s Financial Performance
The company’s loss per share stood at 21 cents on a revenue of $1.86 billion, according to a statement released by Shopify on Wednesday. Despite the overall loss, the company’s Subscription Solutions revenue saw a 34% increase from a year earlier, reaching $511 million. This growth was attributed to price increases and an uptick in merchants utilizing Shopify’s services. However, the sale of its logistics business to Flexport negatively impacted the company’s financial results.
Future Projections and Past Performance
Ottawa-based Shopify projects a high-teens percentage growth in revenue for the second quarter. However, it also anticipates a drop of about 50 basis points in gross margins for the same period. Operating expenses are also expected to rise by a low-to-mid-single digit percentage rate in Q2, in contrast to a 4% decrease in the first quarter. Shopify’s finance chief, Jeff Hoffmeister, noted that price increases will provide a smaller benefit in the current quarter compared to the previous one.
Conclusion
Despite the sharp drop in Shopify’s stock following the announcement of its Q1 loss, the company remains optimistic about its future performance. With an expected increase in revenue and a growing number of merchants using its services, Shopify is poised to navigate the challenges ahead. However, investors will be keeping a close eye on the company’s operating expenses and gross margins in the coming quarters.
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