The Ottawa-based commerce software maker expects revenue in the second quarter to increase at a “high-twenties percentage rate” from a year earlier, according to a Tuesday filing. Second-quarter growth was expected to slow on softer spending as fuel prices rise, Bloomberg Intelligence analyst Anurag Rana said in a note before results.
(May 5): Shopify Inc shares slumped as its revenue outlook suggests growth pace may be slowing down.
The stock dropped as much as 11% in premarket trading, adding to a 21% slide this year as of Monday’s close.
