Why Shopify Stock Plunged Today
Shares of Shopify (NYSE: SHOP) fell 14.9% on Thursday after the commerce platform reported a marked deceleration in its key growth metrics.
Shopify's revenue rose by 22% year over year to $1.2 billion in the first quarter. That's down from 41% growth in Q4 and a staggering 110% increase in the year-ago period.
COVID-19 accelerated e-commerce growth in the U.S. and many international markets during the initial stages of the pandemic. But with coronavirus-related restrictions easing, many people are returning to traditional retail stores and shopping less online.
Source Fool.com
