Sharp decline in Shopify shares as growth indicators fall short of forecasts

Shopify shares fell 14.9% in pre-market trading, even though the company’s third-quarter 2026 earnings exceeded expectations. Adjusted earnings per share reached $0.49—surpassing the $0.47 forecast—while revenue rose 32% to $3.74 billion.

The primary downward pressure stemmed from Gross Merchandise Volume (GMV) and subscription revenue falling below expectations; both are considered key indicators of the company’s business growth.

Investor concerns were further fueled by the company’s forward-looking guidance, which pointed to a relatively slower pace of revenue growth for the fourth quarter. This comes at a time when the stock is trading at a high valuation, leaving little room for disappointing results.