Shopify shares plunge 19% on weak guidance [MSNBC.com]
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Source: MSNBC.com
ShopifygaveHere's how the company did for the first quarter, compared with consensus expectations from LSEG:The better-than-expected first-quarter results were overshadowed by Shopify's outlook for the current quarter. The Canadian e-commerce company said it expects second-quarter revenue to grow at a high-teens percentage rate year over year, which is in line with consensus estimates for growth of 19.5%, but still represents a slowdown from recent quarters. Shopify has posted year-over-year revenue growth in the low-to-mid 20s for the past six quarters.On a conference call with analysts, Shopify executives said consumer spending in the U.S. remains strong, but "we have factored in headwinds related to [foreign exchange] from the strong U.S. dollar and some softness in European consumer spending in our Q2 outlook."Gross margins for the second quarter are expected to decrease by about 50 basis points compared with the first quarter, as a result of the sale of Shopify's logistics busine
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