ARKF - Shopify Slumps on Downbeat Q2 Outlook: ETFs in Focus | Benzinga
The multi-tenant, cloud-based, multi-channel commerce platform Shopify (NYSE: SHOP) slumped about 18.6% on May 8 after the company issued a downbeat revenue forecast for the fiscal Q2 2024. On May 8, 2024, the company reported first-quarter 2024 earnings before the market opened.
Shopify came up with adjusted quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compared to earnings of $0.01 per share a year ago. This quarterly report represents an earnings surprise of 25%.
Shopify, which belongs to the Zacks Internet - Services industry, posted revenues of $1.86 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 1.36%. This compares to year-ago revenues of $1.51 billion.
Shopify said gross merchandise volume, or the total volume of merchandise sold on the platform, increased 23% to $60.9 billion. That surpassed consensus expectations of $59.5 billion, ...