Shares of Shopify Inc slid 16 per cent on Thursday after the Canadian tech giant's weak forecast for first-quarter revenue and higher cost projections amplified investor concerns over aggressive investments in an economy facing slowing growth. Pandemic-related disruptions propelled the company to briefly
Shares of Shopify Inc slid 16 per cent on Thursday after the Canadian tech giant's weak forecast for first-quarter revenue and higher cost projections amplified investor concerns over aggressive investments in an economy facing slowing growth.
Such investments and Wednesday's warning on macro-challenges have spooked investors concerned about profitability. "Our outlook reflects the prudence that we think is necessary in this macro environment," company president Harley Finkelstein said in an interview on Thursday. Still, a dozen analysts raised their price targets by as much as $20, betting on growth prospects as the company attracts big clients ready to pay premium price for its services, such as providing tools to set up a website, social media integration and fulfillment.
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