• Wed. Aug 17th, 2022

Shares of Shopify Are Trading Lower

ByHappy Mohamed

Jul 22, 2022
Shares of Shopify Are Trading Lower

Shopify Inc.SHOP  shares are trading lower Friday amid overall market weakness following a worse-than-expected Q2 earnings report from Snap Inc SNAP. Weakness in Snap has weighed on internet and tech-related stocks and dimmed sentiment going into the earnings season

Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share.

Shopify offers an e-commerce platform primarily to small and midsize businesses. 

At the time of publication, shares were down 7.65% at $37.32. 

See Also: Why Snap Stock Is Plunging Today

SHOP Price Action: Shopify has traded as high as $176.29 and as low as $29.72 over a 52-week period.



Image and article originally from www.benzinga.com. Read the original article here.