SHOP - Shopify Stock Plunges After Q1 Print As Sale Of Logistics Business Weigh | Benzinga
Shopify Inc (NYSE:SHOP) stock plunged after it reported its quarterly results Wednesday.
The company clocked fiscal first-quarter 2024 revenue growth of 23% year-over-year to $1.86 billion, which beat the consensus estimate of $1.845 billion. Revenue grew by 29% Y/Y after adjusting for the sale of its logistics businesses.
The e-commerce platform company reported adjusted EPS of $0.20, which beat analyst estimates of $0.17. The company reported a loss of $(273) million after a profit of $68 million a year ago.
Gross merchandise volume increased 23% year-over-year to $60.9 billion. Gross payments volume came in at $36.2 billion. Merchant solutions revenue increased 20% year-over-year to $1.4 ...