Why Shopify Stock Dropped Today
Shares of Shopify (NYSE: SHOP) fell 7.6% on Tuesday after a worrisome report from Reuters warned that the e-commerce platform's customer gains could be stalling.
Shopify gained just 71,000 merchants in the first half of 2022, according to research firm YipitData. That's down from 680,000 in 2020 and 314,000 in 2021.
"Unless Shopify adds roughly twice as many merchants in the second half of 2022 as the first half, we estimate they could be on pace for the lowest net merchant additions in a year since at least 2018," YipitData's analysts told Reuters.
Source Fool.com
