Shopify plunges on surprise $273M first-quarter loss, margin warning

Shopify reported a surprising $273 million loss for the first quarter, a stark contrast to the $68 million profit from the same period last year. Despite a 23% increase in revenue to $1.9 billion, the company's shares fell nearly 20%, erasing $20 billion in market value. The loss follows a series of layoffs and the sale of its logistics business, signaling a challenging period post-pandemic boom.