Shopify Q1 Preview: Analysts Predict Strong Sales Growth
Portfolio Pulse from Priya Nigam
Ahead of Shopify Inc's (NYSE:SHOP) Q1 results on May 8, analysts from Truist Securities and Benchmark predict strong sales growth. Truist's Terry Tillman expects a 2% higher GMV than consensus, indicating solid year-on-year growth and potential revenue upside. Benchmark's Mark Zgutowicz anticipates steady GMV gains and benefits from marketing spend and pricing increases, suggesting a comfortable beat of consensus. SHOP shares were down 0.4% ahead of the earnings release.
May 07, 2024 | 2:58 pm
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Shopify Inc (NYSE:SHOP) is anticipated to report strong Q1 sales growth, with analysts predicting a GMV beat and revenue upside. Shares experienced a slight decline ahead of the earnings announcement.
The positive analyst expectations, particularly the anticipated GMV beat and potential revenue upside, suggest a strong short-term bullish sentiment for Shopify's stock. The slight share price decline ahead of the earnings release may reflect market caution, but the overall analyst outlook indicates potential for share price recovery and growth post-earnings announcement.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100