Shopify Suspends Guidance for 2020 Amid Coronavirus Pandemic
The e-commerce solutions provider hasn't been immune to the economic weakness caused by COVID-19. Shopify (NYSE: SHOP) handles e-commerce solutions for many brick-and-mortar stores that have felt the blunt end of the stay-at-home policies to stop the spread of the virus.
On Wednesday, the company issued a business update discussing the impact it is seeing from the novel coronavirus. In a statement, Shopify said, "Given the uncertainty surrounding the duration and magnitude of COVID-19, Shopify is suspending the financial expectations provided for full year 2020."
Also, Shopify said that its growth from 2019 had carried over to January and February. "This will enable us to report revenue and adjusted operating income for the first quarter within or ahead of the range of expectations provided on February 12, 2020, despite the global economic disruption that emerged in March triggered by COVID-19," the company said in a statement.
Source Fool.com
