Shopify shares fall on cautious second quarter forecast
Shopify projected second-quarter revenue growth in the high-twenties percentage range as Middle East conflict costs weigh on small business clients. Despite beating first-quarter estimates with 34% revenue growth, the company's U.S.-listed shares fell over 5% in premarket trading.
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SHOPIFY INC - CLASS A shares fell 5% in early morning trading after forecasting second-quarter revenue growth in the high-twenties percentage range. The outlook matches LSEG estimates of 26.8% but reflects cooling demand as retailers face rising costs from Middle East tensions.
The Ontario, Canada-based firm expects gross profit to grow in the mid-twenties percentage range. This compares to analyst estimates of a 24.6% increase.
