Shopify shares plunge 18% on weak guidance

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shares plunge 18% on weak guidance

The corporate logo of e-commerce company

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hangs at the building that contains the offices of

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Commerce Germany GmbH on August 08, 2022 in Berlin, Germany. 

Sean Gallup | Getty Images

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first-quarter earnings and sales on Wednesday that were ahead of Wall Street expectations, but it gave a downbeat forecast for the current quarter.

Shares dropped as much as 18% in premarket trading.

Here’s how the company did for the quarter, compared with consensus expectations from LSEG:

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

****** margins for the second quarter are expected to decrease by about 50 basis points compared to the first quarter, as a result of the ***** of

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’s logistics business to freight forwarder Flexport last May.

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said it expects second-quarter revenue to grow at a high-teens percentage rate year-over-year, a slowdown from the previous *******. The company has posted year-over-year revenue growth in the low-to-mid twenties for the past six quarters. Second-quarter revenue would grow in the “low-to-mid-twenties” year-over-year when adjusting for the divestiture of the logistics business,

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said.

The company reported a net loss of $273 million, or 21 cents a share, compared with a profit of 68 million, or 5 cents a share, during the year-ago quarter.

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, which makes tools for companies to sell products online, said ****** merchandise volume, or the total volume of merchandise sold on the platform, increased 23% to $60.9 billion. That surpassed consensus expectations of $59.5 billion, according to StreetAccount.

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Inc,

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Inc,Internet,Technology,Breaking News: Technology,business news
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#shares #plunge #weak #guidance

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