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Why Shopify Stock Fell Today

TheMotleyFool

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Shopify (NYSE: SHOP) sank 3.7% on Friday, as Amazon.com's (NASDAQ: AMZN) post-earnings plunge intensified investors' fears of an industrywide slowdown.

Amazon's shares dropped 14% after the e-commerce colossus said its online retail sales fell 3% year over year in the first quarter. The news corresponds with a report from digital payments giant Mastercard earlier this month that showed e-commerce sales declined by 3.3% in March, as more people shopped in stores.

Amazon's struggles also align with data released by the U.S. Census Bureau in February, which showed that e-commerce sales dropped to less than 13% of total retail sales in the fourth quarter, down from nearly 16% in early 2020.

Source Fool.com

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