:Shopify Inc on Wednesday forecast slowing revenue growth for the current quarter despite price hikes and new product launches, signaling that macroeconomic challenges were weighing on its merchants' online businesses.U.S-listed shares of Shopify, which started 2022 as the most valuable Canadian company befor
:Shopify Inc on Wednesday forecast slowing revenue growth for the current quarter despite price hikes and new product launches, signaling that macroeconomic challenges were weighing on its merchants' online businesses.
"Our perspectives on outlook assume that inflation remains elevated, pushing consumers to discounted and non-discretionary purchases," Chief Financial Officer Jeff Hoffmeister said on the earnings call.Shopify executives said the company would focus on efficiency. It expects revenue growth in the"high-teen" percentages, while analysts had forecast a rise of nearly 20 per cent, according to Refinitiv data.
The company, which traditionally catered to small businesses, has been focusing on adding big brands to its clients list as they look to sell directly to consumers and use some of Shopify's website creation and payment tools to set up their stores.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More elderly pedestrians died and got hurt in traffic accidents in 2022: Traffic PoliceSeniors jaywalking was the main reason for these deaths, accounting for 73.9 per cent of fatal accidents. Read more at straitstimes.com.
Read more »
More elderly pedestrians injured, killed in traffic accidents in 2022: Traffic PoliceIn 2022, 23 elderly pedestrians died in traffic accidents, a 53.3 per cent increase from the 15 in 2021. The number of seniors aged 60 and above injured in pedestrian-related accidents also
Read more »
Budget 2023: Expected Budget deficit of $2 billion for 2022, says DPM WongThis expected deficit, which makes up 0.3 per cent of gross domestic product, is accounted for by revenue upside, higher spending. Read more at straitstimes.com.
Read more »
Non-residents from China accounted for 1% of private property transactions in 2022: IndraneeSINGAPORE – Non-residents from China are not involved in a significant number of property and rental transactions in Singapore, said Second Minister for National Development Indranee Rajah in Parliament on Tuesday. Read more at straitstimes.com.
Read more »
Musk donated around $2.6b worth of Tesla shares in 2022It wasn't disclosed which charity organisations benefited from his generosity. Read more at straitstimes.com.
Read more »
More cannabis seized and young abusers of the drug arrested in 2022: CNBSINGAPORE - There is a worrying trend of increased cannabis seizures and new abusers of the drug under the age of 30, said the Central Narcotics Bureau (CNB). Read more at straitstimes.com.
Read more »