Shopify Tumbles Below Pre-Pandemic Levels After Huge Profit Miss
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The Shopify app.
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Shopify Inc. shares plunged below their pre-pandemic level after the company missed revenue and profit estimates, prompting some analysts to dramatically change their outlook on the Canadian e-commerce company.
Shopify fell 14.7% to $413.64 in New York, bringing this year’s decline to 70%. The stock is now 2% below where it closed on the day in March 2020 that the World Health Organization called Covid-19 a global pandemic.