Why Shopify Stock Is Trading Lower Today

Shopify Inc. SHOP shares are down Thursday along with other tech stocks amid the weakness observed in Netflix and Tesla following the release of their respective quarterly reports.

What To Know: Netflix reported quarterly earnings of $3.29 per share, versus the analyst consensus estimate of $2.85, a 2.81% increase over earnings of $3.20 per share from the same period last year. The company reported quarterly sales of $8.19 billion, versus the analyst consensus estimate of $8.29 billion, a 2.72% increase over sales of $7.97 billion the same period last year. The mixed results were accompanied by soft third quarter sales guidance.

Tesla reported quarterly earnings of 91 cents per share, versus the analyst consensus estimate of 82 cents, a 19.74% increase over earnings of $0.76 per share from the same period last year. The company reported quarterly sales of $24.93 billion, versus the analyst consensus estimate of $24.48 billion, a 47.20% increase over sales of $16.93 billion the same period last year. Second quarter total production came in at 479,700, up 86% year over year while total deliveries were up 83% year over year at 466,140.

Shopify is set to report its second quarter financial results in 13 days on Aug. 2. The company is estimated to report earnings of six cents per share and revenue of $1.62 billion.

SHOP Price Action: Shares of SHOP were down 4.52% at $65.15 at the time of publication, according to Benzinga Pro.

Image by 3D Animation Production Company from Pixabay

SHOPShopify Inc

$91.50-2.66%