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Shopify Slips After Warning Revenue Growth Will Slow in 2021
Bloomberg 2/17/2021 Danielle Bochove
(Bloomberg) Canadian e-commerce firm Shopify Inc. says it will take advantage of “unprecedented opportunities” in 2021 to speed up innovation and expand into new markets, but warned that its growth rate will slow.
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Revenue will grow “rapidly” this year but not as quickly as in 2020, when it increased 86% to $2.93 billion, the company said Wednesday. It didn’t give specific guidance on earnings for the current year. The arrival of vaccines could see some consumer spending rotate back to bricks-and-mortar retailers, Ottawa-based Shopify said.
Shopify fell as much as 8.8% in intraday trade in New York before recovering to close down 3.3% at $1,425.