“Shopify has suffered alongside other high-growth tech stocks over the course of the past year,” said Sylvia Jablonski, chief investment officer of Defiance ETFs. The stock soared during the last couple of years “around the idea that e-commerce was really the only commerce due to Covid.”Article content
“Selling shovels to miners in an e-commerce gold rush is the perfect business,” Michael Morton, an analyst at MoffettNathanson, wrote in a note. “Shopify seized the opportunity and now powers 11% of all U.S. e-commerce.” After the battering that Shopify’s stock has taken this year, bulls are hoping it can avoid the fate of Nortel and BlackBerry of sinking into irrelevance or worse. Shopify is second only to Amazon.com Inc. in the still-growing e-commerce industry, and it’s “miles ahead” of competitors like Wix.com Ltd., said Charlie Miner, senior analyst at Third Bridge.This advertisement has not loaded yet, but your article continues below.
Mobile industry bellwether Murata Manufacturing Co. expects Apple to reduce iPhone 14 production plans further in the coming months because of weak demand, which would force the supplier to again cut its outlook for its handset-component business.
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