SHOP announces Q1 2024 financial report this morning- down over 18% pre-market.

- Shopify (NYSE: SHOP) reported strong financial results for the first quarter of 2024 - Revenue increased by 23%, reaching $1.9 billion with a 29% year-over-year growth when adjusting for the sale of logistics businesses - Gross profit increased by 33% and free cash flow margin doubled to 12% - The company emphasized its commitment to being agile, profitable, and focused on long-term growth - For the second quarter of 2024, Shopify expects high-teens revenue growth, a slight decrease in gross margin, and continued strong free cash flow margins - Key performance indicators included growth in gross merchandise volume, gross payments volume, monthly recurring revenue, and revenue attach rate

Summarized top reddit comments: - SHOP announced Q1 2024 financial report this morning and is down over 18% pre-market - Stock getting hit hard by lowered future guidance of growth - Stock may be at discount as a big Canadian tech crash - Market overreacting to weaker results for future growth - Shop makes most of its money from consumers spending at e-commerce stores - User bought SHOP under 40, sold at 60, but it went to 90 - User heavily invested in SHOP, unsure of current status - Mixed opinions on future of SHOP and economy - Negative perceptions of Canadian companies like Aurora Cannabis