Shopify's stock experienced a significant intraday decline, plummeting 7.75% on Monday. The sharp drop occurred amid broader market weakness in the technology sector.
The primary catalyst for the decline appears to be the company's latest earnings report. While Shopify reported fiscal fourth-quarter revenue of $3.67 billion, which exceeded analyst expectations, its adjusted earnings of 48 cents per share fell short of the Wall Street consensus estimate of 51 cents per share. This earnings miss has raised concerns among investors about the company's profitability despite strong top-line growth.
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