Shopify Earnings: Shares Are Soaring as It Realizes It's No Amazon

By Neil Rozenbaum – May 4, 2023 at 9:38AM

NYSE: SHOP

Shopify

Market Cap

$76B

Today's Change

(0.65%) $0.38

Current Price

$58.91

Price as of May 20, 2024, 4:00 p.m. ET

The focus is on profitability and innovation.

In this video, I will cover Shopify's (SHOP 0.65%) first-quarter earnings report, which beat on the top and bottom lines. I'll explain why the company sold its logistics business to Flexport and laid off 20% of the workforce, and why this was bound to happen.

*Stock prices used were from the trading day of May 3, 2023. The video was published on May 4, 2023.

Neil Rozenbaum has no positions in the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.