Shopify's stock dropped 17% after its Q3 2026 report showed gross merchandise volume (GMV) and subscription revenue fell short of analyst expectations, despite beating profit and free cash flow estimates. GMV rose 29% to $119.15 billion, missing the $120.08 billion forecast, while subscription revenue grew 20% to $836 million, below the $850.2 million estimate. The slowdown in these growth metrics raises concerns about Shopify's business model sustainability, especially as gross profit growth lags revenue growth. The company expects moderate revenue and gross profit growth in Q4 2026 but faces risks from tariffs and consumer spending. Rival stocks Wix and Etsy saw much smaller declines, highlighting the market's focus on Shopify's specific challenges.
Shopify shares are down 16.22% on Pluang as of Nov 03, 2026 21:01 WIB, closely tracking the reported 17% drop. The stock trades at USD 130.88 with a market cap of $201.00 billion. Etsy also declined but more modestly, down 1.15% at USD 91.39 on Pluang during the same period.
