Shopify (SHOP) shed 15% on its Q1 results, which topped estimates on the back of a second straight quarter of over $100B in GMV (up 35% Y/Y)…

… but came with an outlook for top line deceleration in Q2, with management calling for growth in the high-20s on revenue and mid-20s on gross profit…

… underpinned by less FX help and a normalization of developer share revenue tailwinds that impacted Q1. Overall, rock-solid results - but when you trade at ~10x EV/sales…

… there’s typically volatility around earnings.

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