SHOP - Shopify Stock Tumbles. Should You Buy the Dip or Run for Cover?
2024-02-17 06:00:00 ET
Shopify (NYSE: SHOP) shares have soared over the past year, but the rally in the e-commerce stock came to an abrupt halt on Tuesday after its fourth-quarter earnings report came out.
Even though the software-as-a-service (SaaS) stock beat headline estimates, it fell 13% the day following the report, giving back some of its recent gains.
Shopify's overall results were strong and show the company has recovered from the lull in e-commerce during the economic reopening that came after the pandemic. Revenue in the quarter was up 24% to $2.14 billion, or 30% when excluding the impact of the sale of its logistics business. That result beat estimates at $2.08 billion.
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Shopify Stock Tumbles. Should You Buy the Dip or Run for Cover?