Why Shopify Stock Just Dropped 8%

E-commerce powerhouse Shopify (NYSE: SHOP) saw its stock swoon in Tuesday afternoon trading, closing the day down 8.2%.

In a statement on its website entitled "Supporting Ukraine," Shopify advised that it is "temporarily suspending operations in Russia and Belarus." The company also said that "for the foreseeable future, Shopify will not collect fees from our Ukrainian merchants and partners. With millions of Ukrainian refugees in desperate need of support, we will contribute funds to provide humanitarian aid."  

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Source Fool.com