Shopify Inc (NYSE:SHOP) shares are trading lower Thursday after the company reported earnings results that were down year-over-year and forecasted slowing revenue for the first half of the year.
Shopify said first-quarter revenue increased 22% year-over-year to $1.2 billion, which was up from $988.65 million year-over-year. The company reported quarterly adjusted earnings of 20 cents per share, which was down from $2.01 per share year-over-year.
"While we’ve experienced massive macro shifts since the start of the pandemic, the one mainstay has been that Shopify is the commerce platform of choice for merchants in any environment, with the ability to support commerce on any surface,” said Harley Finkelstein, president of Shopify.
Shopify said it expects year-over-year revenue growth to be lower in the first half of the year and highest in the fourth quarter of 2022.
Shopify also reached an agreement to acquire fulfillment technology provider Deliverr for $2.1 billion in cash and shares.
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SHOP 52-Week Range: $411.17 - $1,762.91
According to data from Benzinga Pro, the stock was down 15.3% at $412.06 at press time.
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