Canada’s Shopify Inc. reported its slowest quarterly revenue growth since going public in 2015 and delivered a big miss on profit, sending the company’s U.S.-listed shares tumbling 17 percent on Thursday.
Easing global e-commerce growth from the frenetic pace seen during the peak of the pandemic has hit Shopify, which provides merchants tools and service to set up online shops, as the rush among brick-and-mortar retailers to go online has waned.
To counter the slowdown, Shopify has been ramping up investments into its delivery network and warehouses designed to deliver in two days or less to better compete with larger rivals.
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