SHOP - Why Shopify Stock Dropped 15% in the First Half of 2024
2024-07-16 09:18:00 ET
Shopify (NYSE: SHOP) stock fell 15% in the first six months of the year, according to data provided by S&P Global Market Intelligence . It's still climbing back up from losses related to overexpanding its business and trading at a high valuation.
Shopify sells e-commerce services to business clients. It hosts a platform for small businesses to operate online, which is why you won't be buying products straight from Shopify. However, you're likely buying from companies using Shopify's services.
As an e-commerce player, it's one of the biggest in the world. Its clients sold more than $60 billion in gross merchandise volume (GMV) in the 2024 first quarter, which is more than Amazon sold online without the addition of third-party sales.
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Why Shopify Stock Dropped 15% in the First Half of 2024