Shopify (NYSE: SHOP) stock plunged following its first-quarter earnings. While its 23% yearly revenue growth closely approximated its performance in past quarters, a forecast for lower Q2 revenue growth and a return to net losses appeared to spook investors.

Nonetheless, one can still argue that Shopify is expensive even after the pullback. This leaves investors to question whether this is a buying opportunity or whether they should hold or possibly sell some shares.

For the first quarter of 2024, Shopify reported $1.9 billion in revenue, 23% higher than the same quarter last year.

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Source Fool.com