Why Shopify Stock Dropped Today
Shares of Shopify (NYSE: SHOP) sank 6.3% on Friday after FedEx (NYSE: FDX) issued a dire warning about the global economy.
It's been a brutal year for Shopify's shareholders. The e-commerce platform's stock price is down 77% so far in 2022. Slowing e-commerce sales growth and the company's mounting losses have weighed heavily on its shares.
Now it appears that the economy could continue to decelerate in the coming months. FedEx (NYSE: FDX) CEO Raj Subramaniam warned of a potential "worldwide recession" during an interview on CNBC after the logistics giant reported that its operating profits fell 15% year over year in its fiscal 2023 first quarter, which ended Aug. 31.
Source Fool.com
