Shopify plunges on slower growth warning

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Fiona Cincotta
By :  ,  Market Analyst

 

Shopify trades -7% despite reporting a 94% jump in revenue across the holiday quarter.

Shopify beat Wall Street’s estimates as more businesses looked to use the firm’s tools to sell online across the pandemic.

EPS was $1.58 on revenue $977.7 million.

However, Shopify hinted that growth would be slower this year as the vaccine rollout would see more consumers return to physical stores.

The share price trades in an established bull trend, the price had hit an all time high of $1500 and moved into overbought territory on the RSI, so a pull back was on the cards. Strong support can be seen at $1285.


Related tags: Equities

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