Why Shopify Crashed 18% This Week
Shares of Shopify (NYSE: SHOP) plummeted 18.2% this week on several bits of news. First, shares fell earlier in the week when revised GDP figures were released, showing that the economy was slowing down slightly more than expected.
Additionally, a new report released yesterday, showing that inflation remains stubbornly high despite the Federal Reserve's efforts to bring it down, is likely weighing down on the stock this week.
Many technology investors were already pessimistic about the economy, but their worries got further confirmation on Wednesday, when revised first-quarter GDP figures showed a decline of 1.6% over that period, compared to a previously reported 1.5% decline.
Source Fool.com
