Shopify inventory drops nearly 9% after forecast cancellation


Shopify Inc.

Shares fell 8.8% on Thursday after the e-commerce company canceled its annual forecast due to the coronavirus pandemic. In a press release Wednesday evening, the Canadian company said it would meet or exceed its first quarter forecasts due to good results in January and February, but suspended its forecasts for the year “given the uncertainty surrounding the duration and extent of COVID -19. Shopify, which offers software and services to help manage retail operations, had forecast 2020 revenues to exceed $ 2 billion, with a forecast range of $ 2.13 billion to $ 2.16 billion. dollars, after recording sales of $ 1.58 billion in 2019. Stocks almost tripled in 2019, gaining 187%, but the stock is now down 11.7% this year, including Thursday’s decline . Shopify also said it plans to release full information on the first quarter results on May 6.


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