Shopify's Stock Falls 9% As Q4 Sales Narrowly Beat Forecasts

(MENAFN- Baystreet) AppLovin Unveils Ad Trends

  • Cadence Design Systems' Stock Falls 9% On Weak Guidance
  • Bezon Sells Amazon Shares
  • Elon Musk Ordered To Testify In SEC's Twitter Probe
  • Nvidia Opens New Unit Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staf - Tuesday, February 13, 2024

    Shopify's Stock Falls 9% As Q4 Sales Narrowly Beat Forecasts Shares of Shopify (SHOP) are down 9% after the Canadian e-commerce company narrowly beat expectations for its fourth-quarter sales.
    The Ottawa-based company, which provides tools and services that help third parties sell items online, reported earnings per share of $0.51 U.S. and revenue of $2.14 billion U.S.
    Analysts had expected the company to post earnings of $0.30 U.S. a share on $2.08 billion U.S. in revenue.
    Looking forward, Shopify said that for 2024 it expects revenue to grow at a low-twenties percentage rate and for its free cash flow as a percentage of revenue to be in the high-single digits.
    The results and guidance appear to have left analysts and investors wanting. More was expected from Shopify, which is undertaking a turnaround strategy after a post-pandemic slowdown in e-commerce activity.
    Last year, Shopify let go about 30% of its workforce across all divisions as it tries to right-size its operations after Covid-19 lockdowns. The company also sold off its logistics business.
    Prior to today (Feb. 13), Shopify's stock had gained 83% over the last 12 months to trade at $89.12 U.S. per share.

    • About Us
    • Contact Us
    • Advertise
    • License Our Content
    • Jobs
    • Disclaimer
    • Privacy Policy

    Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks


  • Legal Disclaimer:
    MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.