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Shopify Soars 12% on Tech Rally Despite Weaker Earnings Outlook

  • E-commerce activity has ‘reset to the pre-Covid trend line’
  • Canadian firm is cutting 10% of staff, rolling back expansion
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Shopify Inc. rallied to one of its biggest gains of the year despite releasing disappointing earnings and a weak profit outlook for the rest of 2022.  

The shares rose 11.7% to $35.24 in New York, riding a surge in technology stocks. While the Shopify’s second quarter results missed forecasts, the stock jumped after executives gave more detail on plans to cut expenses and improve services for small-business customers.