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E-Commerce Stocks Sink to Two-Year Lows on Earnings Malaise

  • Etsy, Wayfair and Shopify followed Amazon with weak results
  • The group has struggled amid slowing post-pandemic growth
Updated on

Shares of e-commerce companies from Etsy Inc. to Shopify Inc. tumbled on Thursday after weaker-than-expected quarterly earnings and forecasts deepened concern that the pace of online shopping has slowed.

Etsy sank 17% after providing a second-quarter gross merchandise sales forecast that fell short of analyst expectations, while Canada’s Shopify dropped 15% in New York trading after merchandise volume and revenue for the first quarter failed to meet analyst expectations. Etsy closed at its lowest since June 2020 while Shopify ended at its lowest since April 2020.