The Canadian e-commerce platform said on Wednesday it expects second-quarter revenue to grow at a high-teens percentage rate year on year
forecast its slowest quarterly revenue growth in two years against the backdrop of an uncertain economy and tepid consumer spending, sending its U.S. shares slumping 16.5 per cent in premarket trading.
While e-commerce growth has been normalizing after a post-pandemic slump, consumers have been looking to cut down on costs, putting Shopify at a disadvantage despite price hikes and new AI-based tools. Adding to the company’s pressure, its core clientele is made up of small and medium-sized businesses that have been more susceptible to the hit from sticky inflation.
The company said on Wednesday it expected second-quarter revenue to grow at a high-teens percentage, disappointing investors who had seen average growth of about 26 per cent over the past few quarters.The company expects operating expenses to be up at a low-to-mid-single digit percentage rate for the second quarter, compared with a 4 per cent fall in the first three months of the year.Shopify reported first-quarter revenue of $1.86-billion, compared with analysts’ average estimate of $1.
Cent Revenue Company Shopify Growth Economy Backdrop Trading Shopify U.S.
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