Why Shopify Stock Fell Hard This Week [Yahoo! Finance]
S&P Global Inc. (SPGI)
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Source: Yahoo! Finance
market, according to data provided by S&P Global Market Intelligence . That slump added to a tough year so far for owners of the e-commerce infrastructure platform, which is down 20% in 2024, while the S&P 500 has risen 9%. This week's decline occurred after Shopify failed to meet high expectations around its Q1 earnings release. Still growing The business is still doing well, to be sure. Sales volumes jumped 29% after accounting for the recent sale of the logistics business. Shopify remained profitable on an adjusted earnings basis and, in fact, boosted its gross profit margin to 51% of sales from 48% of sales a year ago. Cash flow improved to 12% of sales from 6% a year earlier, which is a strong marker for any software-as-a-service business. On the downside, the company issued a somewhat cautious outlook for the Q2 period that just kicked off. These forecasts were the main reason shares fell immediately following the Q1 report. Looking ahead Shopify's management team st
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