سقوط سهام شاپیفای پس از اولین عدم تحقق درآمد در چهار سال گذشته، هشدار ولز فارگو درباره تاثیر هزینه‌های هوش مصنوعی بر حاشیه سود

Shopify Crashes On First Revenue Miss In Four Years, Wells Fargo Warns AI Costs Hitting Margins Shopify shares crashed in premarket trading in New York after the first sales miss since 2022 . Investors focused on subscription revenue that fell short of the Bloomberg Consensus estimate, and Wells Fargo analysts pointed to gross margin headwinds due to AI.

Third quarter revenue rose 32% to $3.74 billion, falling just short of the consensus estimate of $3.75 billion. Subscription Solutions revenue missed, while Merchant Solutions, its largest business, was roughly in line. Gross merchandise volume also missed estimates.

Revenue $3.74 billion, estimate $3.75 billion (Bloomberg Consensus)

Monthly recurring revenue $230 million, estimate $229.9 million

Merchant Solutions revenue $2.91 billion, estimate $2.9 billion

Total operating expenses $1.21 billion, estimate $1.26 billion

Gross merchandise volume $119.15 billion, estimate $120.08 billion

The subscription revenue miss raises questions about Shopify's ability to generate additional revenue from merchants.

Shopify expects fourth-quarter revenue to grow at a low-30s percentage rate from one year ago, with gross profit dollars rising at a high-20s pace. Operating expenses are projected at 29% to 30% of revenue, while the free cash flow margin is expected to remain consistent with 4Q25.

Wells Fargo analyst Ken Gawrelski: " Gross margin headwinds worsening; see Sidekick/AI inference as likely cause ."

Gawrelski highlights year-over-year changes in revenue from Subscription Solutions and Merchant Solutions units.

Shopify shares fell as much as 20% in New York premarket trading as investors hoped for stronger earnings results.

" We believe the ~15% premarket selloff largely reflects heightened investor expectations heading into the quarter ," Truist analyst Terry Tillman wrote in a note.