Lates News

Shopify shares fell sharply after the company's quarterly revenue came in below analyst expectations for the first time in four years. In premarket trading, Shopify shares fell as much as 20%. As of Monday's close, the stock had fallen 3% year to date. Shopify reported on Tuesday that third-quarter revenue rose 32% year over year to $3.74 billion, slightly below the Wall Street average estimate of $3.75 billion. This was the company's first revenue miss since the second quarter of 2022. Revenue from the subscription solutions business came in below expectations, weighing on overall results; revenue from the merchant solutions business, the company's largest segment, was roughly in line with expectations. In addition, gross merchandise value (GMV) also fell short of market expectations. Vital Knowledge said in a report that the earnings miss, combined with the GMV shortfall and a mixed outlook, is expected to be viewed negatively by the market.