BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home Uncategorized

Shopify SHOP Dumped 20% Today, and Here is Why

by Sham
May 8, 2024
in Uncategorized
Reading Time: 3 mins read
A A
2
SHARES
25
VIEWS
Share on XShare in TelegramShare on Reddit

• Shopify shares tumbled 19% after giving downbeat revenue and profit guidance for the second quarter
• The company beat earnings and revenue expectations for the first quarter, but slower growth projections overshadowed the results
• Shopify expects higher operating expenses in Q2 as it invests in areas like AI and marketing

Shopify reported its first quarter 2024 earnings on Wednesday, sending the stock tumbling after the company gave disappointing guidance for the current quarter.

JUST IN: Shopify $SHOP is down over 19% today pic.twitter.com/rZrAUwT3Qz

— BlockNews.com (@blocknewsdotcom) May 8, 2024

Q1 Results Beat Expectations

The e-commerce platform beat expectations for earnings per share and revenue in the first quarter:

  • Earnings per share: 20 cents adjusted vs. 17 cents expected
  • Revenue: $1.86 billion vs. $1.85 billion expected

Q2 Guidance Spooks Investors

However, Shopify’s outlook for the second quarter worried investors. The company said it expects:

  • Revenue growth to slow to high-teens percentage rate year-over-year
  • Operating expenses to increase in the low- to mid-single digits quarter over quarter

Shopify attributed the weak guidance to headwinds from foreign exchange rates, softness in European consumer spending, and investments in marketing, R&D and AI.

Additional Q1 Highlights

Some other notable numbers from Shopify’s first quarter results:

  • Net loss of $273 million, or 21 cents per share
  • Gross merchandise volume increased 23% to $60.9 billion

The earnings report comes after Shopify laid off 20% of its workforce last year during the post-pandemic e-commerce slump. The company has been focused on investing in artificial intelligence capabilities while pulling back in other areas like logistics.

Shopify will likely face questions from investors about the impact of its investments on growth and margins after this quarter’s disappointing outlook. But the company maintains it is taking a long-term approach to position itself for the future.

Tags: AIartificial intelligenceInvestmentsShopifyShopify SHOP
Tweet1ShareShare
Previous Post

Digital Dollar Pioneer Advocates Unified Future for Crypto and CBDCs

Next Post

Mastercard Collaborates with Major U.S. Banks to Test Blockchain-Based Settlement System

DON'T MISS THESE! HOT OFF THE PRESS

Could XRP Really Overtake Ethereum This Cycle?
Uncategorized

Could XRP Really Overtake Ethereum This Cycle?

July 19, 2025
XRP Might Be Ready to Rip—DXY Drops, Regulation Clears the Path
Uncategorized

XRP Might Be Ready to Rip—DXY Drops, Regulation Clears the Path

July 18, 2025
SPX6900: The 100x Meme Coin Redefining the 2025 Bull Run
CRYPTO

SPX6900: The 100x Meme Coin Redefining the 2025 Bull Run

July 18, 2025
BlackRock Wants Staking in Its ETH ETF—TradFi’s Quietly Going Full DeFi?
CRYPTO

BlackRock Wants Staking in Its ETH ETF—TradFi’s Quietly Going Full DeFi?

July 17, 2025
Trump Media Dives Into AI with ‘Non-Woke’ Plans for Truth Social
Uncategorized

Trump Media Dives Into AI with ‘Non-Woke’ Plans for Truth Social

July 16, 2025
Hyperliquid Eyes $56 as Momentum and Institutional Backing Stack Up
Uncategorized

Hyperliquid Eyes $56 as Momentum and Institutional Backing Stack Up

July 16, 2025
Load More

Related News

What Happened in Crypto This Week? Here is Everything Important You Need to Know

What Happened in Crypto This Week? Here is Everything Important You Need to Know

July 19, 2025
XRP’s “Kaboom Phase” Might Just Be Getting Started

XRP’s “Kaboom Phase” Might Just Be Getting Started

July 19, 2025
Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks

Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks

July 19, 2025
Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?

Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?

July 19, 2025
ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?

ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?

July 19, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.