Shares of Shopify Are Trading Lower: Here's Why

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.