Shopify withdraws FY20 guidance, citing Covid-19 uncertainty

Cloud-based commerce platform Shopify (SHOP) is suspending financial guidance, in light of the uncertainty related to Covid-19. However, Shopify did note that it anticipates Q1 revenue and adj. op. income in line or above guidance provided on February 12, thanks to strong sales momentum through January and February.“Shopify’s withdrawal of FY20 guidance suggests that near-term visibility is low, similar to other Internet stocks in our coverage” comments RBC Capital analyst Mark Mahaney.Nonetheless, he has retained his buy rating on the stock. “Long-term, however, we believe that Shopify will be a beneficiary as we expect this COVID disruption to lead to …read more

Source:: Yahoo Finance


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