As if Covid never happened, Shopify (SHOP) shares have now retreated all the way back to pre-corona levels. One of the pandemic’s prime beneficiaries, this former ecommerce highflyer has somewhat inevitably been unable to sustain the huge growth sprout and investors have shown no mercy. Since the turn of the year, the stock has shaved 75% off its value with the latest leg down coming off the back of a disappointing quarterly update. Shopify missed on both the top-and bottom-line. Revenue increased by 21.4% year-over-year to reach $1.2 billion, coming in below the analysts’ forecast of $1.25 billion. Adj. EPS of $0.20 fell short by some way of the $0.65 consensus estimate.
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