Canada’s Shopify Q1 revenue rises 34% on broad growth

Shopify projected second-quarter sales and profit largely in line with analysts’ estimates on Tuesday, signaling softer demand for its e-commerce services as retail businesses grapple with higher costs tied to the Middle East conflict.

The tepid outlook knocked its U.S.-listed shares down more than 5% ‌in premarket ⁠trading, overshadowing ⁠an upbeat first quarter fueled by resilient consumer spending, as seen in recent results by payment processing giants including Mastercard and Visa.