Shopify reports Q1 2023 net loss of $273M, 23% YoY revenue increase, and negative pre-market share performance due to slower-than-expected growth.

Shopify reported a Q1 2023 net loss of $273M, vs a profit of $68M in the same period last year. Despite revenue increasing 23% YoY to $1.86B, the company's US shares fell 16.5% in pre-market trading due to slower-than-expected quarterly revenue growth. Shopify expects Q2 revenue growth at a high-teens percentage rate, disappointing investors who have seen average growth of about 26% in prior quarters.

May 08, 2024
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