US stocks: Shopify (SHOP.US) drops over 8% as Q2 revenue growth expected to slow

On the news front, SHOP reported a 34% increase in first-quarter revenue, reaching 3.17 billion USD, which exceeded the expected growth rate of 31% and surpassed the company’s anticipated low 30% growth rate. This was mainly driven by merchant solutions revenue surging 39% to 2.42 billion USD. Gross Merchandise Volume (GMV) broke the 100 billion USD mark for the first time, hitting 100.7 billion USD (up 35% year-on-year). This significant milestone indicates a continued rise in platform adoption and merchant engagement.