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Hyunsoo Rim

Shopify tumbles despite strong first quarter as Q2 guidance fails to impress

Shopify fell in premarket trading Tuesday after the e-commerce company’s strong Q1 results failed to offset concerns over its second-quarter outlook.

The stock was recently down 5.9% premarket.

Revenue for the first quarter rose 34% year on year to $3.17 billion, topping the $3.09 billion estimate compiled by Bloomberg, while gross merchandise volume — the total dollar value of goods sold through its platform — hit $100.7 billion, also above the roughly $98.8 billion analysts had expected.

But investors appeared to look past its Q1 beat, focusing instead on the company’s second-quarter outlook, which suggests slower growth and higher-than-expected operating expenses in the near term.

For Q2, Shopify forecast revenue to grow in the “high-twenties” percentage rate year on year, gross profit growth in the mid-20s, and operating expenses of 35% to 36% of revenue — compared with the 33% consensus estimate for full-year 2026, per Bloomberg.

Bloomberg Intelligence analyst Anurag Rana had previously warned that Q2 growth could slow on softer spending as fuel prices rise.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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