Shopify Stock Plummets 19% as Slower Sales Growth Forecasted for Q2Shopify Drops 19% from gym sales Watch Video
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⏲ Duration: 0:37 👁 View: 1.2M times ✓ Published: 10-May-2024
Description: Shopify's stock price fell 19% after the company forecast slower sales growth for the second-quarter, down from previous quarters. Adjusting for the sale of its logistics business. Shopify indicated that the sale of its logistics business to Flexport would impact its future financial projections. Chief Financial Officer Jeff Hoffmeister noted that a strong U.S. dollar and weaker consumer spending in Europe, particularly in the United Kingdom, are also expected to affect the company's forward guidance. Shopify reported first-quarter revenue growth of 29%, the fourth quarter in a row exceeding 25% growth.