Shopify stock is up 17% after the company reported Q2 earnings.
Shares in Shopify Inc (TSX:SH., NYSE:SHOP) were up 17% premarket after earnings surpassed Street estimates made ahead of its quarterlies.
That translated into upbeat financial results for the latest quarter, as Shopify CA:SHOP SHOP grew gross merchandise volume by 22% to $67.2 billion, which was above the $65.8 billion consensus view.
Shopify's (SHOP) second-quarter 2024 performance is expected to reflect benefits from the growing adoption of merchant-friendly solutions.
Shopify's stock price has toppled 65% from its all-time high. It's still expected to go up more than 20% annually over the next three years.
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Shopify (SHOP), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended June 2024.
Shopify (SHOP) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Three stocks with a combination of favorable Zacks Rank, a possible earnings beat and solid price potential are: TWLO, SHOP, TTWO.
Shopify (SHOP) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
In the closing of the recent trading day, Shopify (SHOP) stood at $59.87, denoting a -0.12% change from the preceding trading day.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.
Shopify reported Q1 FY24 earnings in May, where revenue and operating income grew 23% and 144%, given strength in GMV from existing and new merchants, especially B2B and enterprise customers. The company is set to report Q2 FY24 earnings, with expectations of high teens revenue growth and 43% YoY non-GAAP EPS growth. I am particularly optimistic about Shopify's strategy to gain market share in the enterprise customer segment, thus growing its Shopify Plus subscription revenue, along with unlocking operating leverage.