Shopify tumbles after Q1 loss despite strong GMV growth and revenue gains

Shopify (SHOP) posted a Q1 2026 net loss of $581 million, reversing a prior profit, even as gross merchandise volume rose 35% year over year to $100.74 billion and total revenue increased 34% to $3.17 billion. Adjusted EPS came in at $0.36 with adjusted net income of $471 million (up 40% YoY). MRR climbed 17% to $212 million. The company raised Q2 revenue guidance to a high-twenties rise (25-29%). Analysts maintain a Strong Buy with a ~$162 target, implying about 41% upside, while the stock slid roughly 8% on the news.