Why Shopify Stock Tumbled Another 6% Today
Shares of e-commerce software giant Shopify (NYSE: SHOP) were down 6.2% today as of 12:45 p.m. ET. This most recent drop builds on the downturn it and other high-growth stocks have suffered, first from the emergence of the omicron coronavirus variant in late November and now the prospect of higher interest rates from the Federal Reserve to try and tame inflation. Shares have now lost about one-third of their value since last reaching all-time highs in November 2021.
Shopify is an incredible company. It's doing great things for the e-commerce and fintech world and helping hundreds of thousands of small businesses and aspiring entrepreneurs get their journey started in the digital era. This has led to incredibly fast growth for Shopify. Its global merchants reported a 23% year-over-year increase in 2021 Black Friday and Cyber Monday sales, hinting at a huge win for digital commerce this past holiday shopping season.
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Source Fool.com
