Here's Why Shopify Could Be a Breakout Stock in 2023
Between late 2021 and mid-2022, Shopify (NYSE: SHOP) suffered its most significant decline in the stock's history. Despite its 10-for-1 stock split, a brutal bear market and a slowdown in e-commerce led to massive selling of the stock.
Nonetheless, the e-commerce industry has a history of recovering from worse shocks, namely Amazon's recovery from a 90%+ drop in the dot-com bust. Given Shopify's continuing growth and widening competitive advantage, 2023 could mark the beginning of a likely recovery for the tech stock.
Admittedly, 2022 is a year the e-commerce industry would like to forget. As consumers emerged from the lockdowns over the past couple of years, much of the pandemic-driven gains reversed, and sales growth either slowed or reversed outright.
Source Fool.com
