AMZN - Should Investors Buy Shopify Stock Now That It's Reached a Landmark Deal With Amazon?
2023-09-10 09:00:00 ET
E-commerce software company Shopify (NYSE: SHOP) went public in 2015. But 2023 may have been the craziest year for shareholders yet. Revenue growth slowed and then reaccelerated. The stock has nearly doubled year to date after falling 75% in 2022. And management abruptly sold its logistics division after investing billions of dollars in the project.
The potentially game-changing surprises just keep coming for Shopify. On Aug. 30, the company announced that it had partnered with its biggest rival, Amazon (NASDAQ: AMZN) . And investors rightly want to know if they can safely buy Shopify stock today, given all of the recent changes to the business. Let's dig further.
In 2022, Shopify acquired shipping logistics company Deliverr for $2.1 billion to better compete with Amazon. Just 364 days later, Shopify sold Deliverr. Now, it's reached a deal to offer Amazon's "Buy with Prime" product on sites powered by Shopify's software -- a product that extends Amazon's membership perks to third-party merchants.
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Should Investors Buy Shopify Stock Now That It's Reached a Landmark Deal With Amazon?