"Shopify's Q4 Earnings Beat Expectations Despite Stock Drop"

Shopify (NYSE:SHOP) exceeded Q4 FY2023 expectations with a 23.6% year-on-year revenue increase to $2.14 billion and a non-GAAP profit of $0.34 per share, but its stock dropped 8.3% after the report. The company's strong performance was driven by better-than-expected gross merchandise and payments volume, as well as the launch of AI-powered features to aid merchants. Shopify's Q1 2024 revenue outlook surpassed Wall Street's forecasts, but with the stock trading at nearly 15x sales going into earnings, the market was likely expecting more.