Shopify Inc SHOP is trading lower Wednesday morning after the company announced worse-than-expected fourth-quarter financial results and warned of slowing growth.
Shopify reported quarterly revenue of $1.38 billion, which came in below the estimate of $1.69 billion. The company reported quarterly earnings of $1.36 per share, which came in below the $1.58 estimate.
"In 2022, we remain steadfast on making commerce easier for entrepreneurs by continuing to build high-performing infrastructure and innovative features, which combined yield a powerful and trusted commerce solution that future-proofs our merchants in the years to come and benefits Shopify over time," said Amy Shapero, CFO of Shopify.
Shopify said it expects full-year 2022 revenue growth to lag the 57% growth the company achieved in 2021, but still expects rapid growth that will outpace the growth of e-commerce.
Shopify anticipates that its growth will be driven by the expansion of its services to more merchants, newly added products and the company's strong value proposition for multi-channel commerce.
Shopify offers an e-commerce platform primarily to small and midsize businesses.
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SHOP Price Action: Shopify has traded as low as $780 and as high as $1,762 over a 52-week period.
The stock was down 9.5% at $805 Wednesday morning.
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