86 100
Fashion Jobs
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
GAP INC.
Asset Protection Service Representative - Harlem Usa
Permanent · NEW YORK
GAP INC.
Asset Protection Coordinator - Mount Vernon Plaza
Permanent · ALEXANDRIA
BANANA REPUBLIC
Associate Art Director, Photo Studio
Permanent · SAN FRANCISCO
ECCO
Third Keyholder
Permanent · SAN FRANCISCO
By
Reuters API
Published
Feb 15, 2023
Reading time
2 minutes
Download
Download the article
Print
Text size

Shopify's revenue forecast fails to impress, shares fall

By
Reuters API
Published
Feb 15, 2023

Shopify Inc on Wednesday forecast slowing revenue growth for the current quarter despite price hikes and new product launches, signaling that macroeconomic challenges were weighing on its merchants' online businesses.


Reuters


U.S-listed shares of Shopify, which started 2022 as the most valuable Canadian company before losing three-quarters of its value, fell about 8% in extended trading.

The technology company, which offers tools and services for businesses to set up their online stores, said it expects revenue growth in the "high-teen" percentages, while analysts had forecast a rise of nearly 20%, according to Refinitiv data.

"While our financial outlook assumes that the Covid-triggered acceleration of ecommerce continues to return to a more normalized rate of growth in 2023, there is elevated inflation and continued caution around consumer spending due to a variety of macroeconomic factors," the company said.

The e-commerce company, which traditionally catered to small businesses, has been focusing on adding big brands to its clients list as they look to sell directly to consumers and use some of Shopify's website creation and payment tools to set up their stores.

Shopify has roughly doubled subscription prices while taking measures such as workforce reduction to cut costs, bracing for a rough period as recession looms.

"For them to guide to high-teen growth after taking price increases that didn't factor into the last quarter, it seems very conservative," said Gil Luria, analyst at D.A. Davidson. 

Fourth-quarter revenue rose 26% to $1.7 billion, compared with analysts' average estimate of $1.64 billion, according to Refinitiv data.

On an adjusted basis, Shopify earned 7 cents per share, beating the expectation of a 1 cent loss.

© Thomson Reuters 2024 All rights reserved.