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Why Shopify (SHOP) Stock is Plunging on Thursday
Shopify (SHOP - Free Report) continued its disastrous 2022 meltdown as the company widely missed Q1 earnings and revenue expectations. SHOP, currently a Zacks Rank #3 (Hold), has a market capitalization of $50.2 billion.
Shares of the cloud-based commerce platform fell -18% in morning trading. Shopify reported quarterly earnings of $0.20 per share, widely missing the Zacks Consensus Estimate of $0.80/share. This represented a -75% earnings surprise and compared unfavorably versus the $2.01/share in the same quarter a year ago.
Shopify also missed the mark on revenues by -3.27%, posting sales of $1.2 billion in the first quarter.
Shares have now fallen over 75% from the highs last year. SHOP is experiencing declining future estimates, which may spell continued trouble for the stock.