Shopify Stock Actually Gained 11% in the Second Half of 2022. Is the Worst Over?
Shopify (NYSE: SHOP) shares managed a positive end to a negative year. Shares gained 11% in the final six months of the year, beating the 1.4% increase in the S&P 500 during that time, according to data provided by S&P Global Market Intelligence. The e-commerce specialist still trailed the market for the full 2022 period by dropping a painful 75%.
The second-half rebound came as investors grew less wary about a brutal recession on the way in the e-commerce industry in early 2023. It also helped that Wall Street found more reasons to like tech stocks in general as 2022 drew to a close.
Shopify helped the cause by showing signs of steady sales growth through late September. Revenue was up 24%, in fact, in the third quarter after accounting for currency exchange rate shifts.
Source Fool.com
