The past few quarters have been no easy ride for the e-commerce sector; post-pandemic growth has been blunted by several factors. Canadian e-commerce heavyweight Shopify (SHOP) put the last quarter’s (1Q22) slowing growth down to the usual suspects; consumers’ shift to offline retail and travel, difficult comps (which are expected to alleviate as the year progresses) and inflation, whereby consumers are more likely to pivot towards discount retailers. With the company set to report Q2 earnings on July 27, Stifel's Scott Devitt thinks the “near-term results may be further impacted by FX headwinds,” with the analyst noting non-US revenues account for ~36% of Shopify's total haul.
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Shopify (NYSE:SHOP)
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