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Shopify 

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May 6 | Dolphin Research Focus: Macro/Industry. The US SEC has proposed allowing listed companies to voluntarily file semiannual reports instead of quarterly reports, reducing periodic disclosures from four times a year to two. 🐬Companies could continue using Form 10-Q or switch to a new Form 10-S for half-year reporting. The proposal now enters a 60-day comment period and would take effect once adopted.The aim is to ease compliance burdens, curb short-termism among management, and support long-term planning. However, lower transparency and delayed data could weaken price discovery and exacerbate information asymmetry...

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Anthropic inks multi-bn compute pact with GOOGL; cloud chips ignite QCOM AI rally | Daily News Recap

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Below is Dolphin Research's Trans of the $Shopify (SHOP.US) FY26 Q1 earnings call. For our take on the print, see《Shopify: As the e-comm agent tide recedes, is the payments leader left exposed?》。1. Shareholder returns: management said they will continue share repurchases. Free cash flow will fund the buyback plan.2. Guidance: Q2 revenue is expected to grow in the high-20s% YoY. FX provides an approx. 0.5pp tailwind...

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SHOP (Trans): Agentic Commerce Won't Disintermediate SHOP

Financial Analysis

PLUS

The e-com tools and payments vertical leader — $Shopify (SHOP.US) reported Q1 2026 results pre-market on May 5. Overall, the quarter was solid.Growth and profit beat Bloomberg consensus. Excluding FX tailwinds, however, the print offered little upside vs. buy-side expectations.Guidance for next quarter showed minor blemishes. While broadly in line with Bloomberg consensus, the trajectory points to an 'inevitable' slowdown in GMV, revenue, and profit growth...

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SHOP: As AI e-comm agents ebb, is the payments leader swimming naked?

Shopify 1Q26 First Take: Purely on results, Shopify delivered a solid quarter, broadly sustaining its strong growth trend. Versus expectations, the print topped Bloomberg consensus but was roughly in line with the buyside. After several quarters of instant major beats, this one felt subdued. The issue lies in the 2Q guide: while broadly in line with Bloomberg consensus, the trajectory points to a meaningful slowdown after several quarters of strong growth. 2Q growth will ultimately come back to earth, with a notable deceleration. In detail. See below. 1) Core KPI: GMV grew 35% YoY, in line with buyside expectations of 34–35%. The acceleration vs. last quarter was largely FX tailwind. Ex-FX, underlying growth was ~30%, roughly unchanged. 2) Driven by strong GMV, revenue grew 34% this quarter; ex-FX, 32%. Merchant solutions (payments) led at +39%, while subscription was softer at +21%. The strength reflects rising payments penetration, up from 63.5% a year ago to 66% this quarter. 3) GPM: mix shift toward lower-margin merchant solutions continued to pressure the overall GPM, which fell 120bps YoY this quarter, though the decline was milder than expected. Ex-mix, both subscription and merchant solutions saw margin expansion. 4) Profitability: FCF was about $480 mn, with a 15% margin, slightly below 15.4% a year ago and in line with prior guidance. This is the third straight quarter of YoY decline in FCF margin, pointing to higher cash investment as AI moves into the agent era. 5) Guidance: management sees revenue growth in the high-20s for next quarter, a notable slowdown from 34% this quarter, partly as FX tailwinds fade intra-2Q. Gross profit is guided to grow mid-20s YoY, in line with Bloomberg consensus but below the buyside's 26–28%. FCF margin is guided to mid-teens, roughly flat vs. last year's 15.7%, possibly a touch lower, broadly consistent with market expectations. Trend-wise, most metrics are set to decelerate vs. this quarter. Margins should continue to drift lower on mix. $Shopify (SHOP.US)

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0504 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) jumped over 10% intraday after Xiaomi Auto delivered 30k units in Apr. (+50% MoM). Locked-in orders for the new SU7 topped 70k.Recovering deliveries and strong order intake validate market acceptance, supporting the full-year target of 550k vehicles. The strong share move also reflects a re-rating of the 'smartphone + AIoT + auto' strategy, lifting sentiment across the supply chain.Focus now shifts to the capacity ramp and execution on order fulfillment. Follow-through will depend on these milestones...

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With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).From an expectations lens, aside from softer Intl commerce growth and deeper losses in other segments, the print broadly tracked the recently lowered guidance.In absolute terms, however, performance was weak.As the tailwind from state subsidies and the monetization uptick cycle largely faded, core commerce growth slowed markedly.The bright spot was Alibaba Cloud, which continued to post solid growth.Bloomberg consensus was not timely updated this quarter, so its reference value is limited...

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BABA: E-com slips again; AI is the only lifeline---

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0212 | Dolphin Research Focus: 🐬 Macro/Industry 1) Doubao announced that its video-generation model Seedance 2.0 is now integrated into the Doubao app, desktop client, and web version. Users can create 5s/10s short videos from text prompts and produce clone-style videos, with upgrades to image quality, generation speed, and content fidelity. Leveraging ByteDance's ecosystem should accelerate user adoption and engagement, pushing AIGC toward mainstream, practical use...

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LLMs race ahead as AI apps surge; Apple revamps Siri amid tech bottlenecks｜Daily News Recap

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Below is Dolphin Research's Trans of the FY25 Q4 earnings call for $Shopify (SHOP.US). For the earnings breakdown, see 'Shopify: Solid results yet a plunge — are commerce agents a silver bullet or a poison?'.Core metrics recap, and regional/channel performance are as follows. North America revenue rose 28% YoY, with the platform now covering over 14% of the US e-com market.International revenue grew 36% YoY. Nearly half of merchants are outside North America, and Europe Q4 GMV increased 45% (FXN +35%). Offline: GMV was up 29% YoY...

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SHOP (Trans): Under the e-com Agent model, the company still monetizes primarily through payments

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As one of the most-watched plays in e-comm AI — $Shopify (SHOP.US) reported Q4 2025 results ahead of the Feb 11 U.S. pre-market. The print was strong, with in-quarter metrics and next-quarter guidance largely beating expectations. The most visible overhang is rich valuation. Specifically:1) GMV growth held up. Contrary to market worries that Shopify's strong GMV would inevitably fade, GMV grew 31% YoY this quarter, roughly in line with last quarter with no sign of slowdown. Ex-FX tailwinds...

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SHOP: Solid quarter, stock plunges — Are e-com AI agents a boon or a bane?

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SPOT

SHOP 4Q25 First Take: Another strong quarter with GMV, revenue, and FCF all beating, and an even stronger 1Q26 guide. GMV, revenue, and cash flow topped expectations, while the outlook for 1Q26 came in stronger. Specifically: 1) GMV rose 31% YoY, handily ahead of the Street’s ~28%, quelling slowdown fears. Payments penetration increased 200bps QoQ to 67%, driving GPV up 37% vs. ~31% expected. With ecosystem volume strong and the overall take rate up another 6.6bps YoY (in line), Merchant Solutions revenue grew nearly 35%, about 3ppt above estimates. 2) In Subscriptions, the drag from prior free/low-price trials has largely rolled off, lifting MRR growth back to 15%, a slight beat. Subscription Solutions revenue growth also re-accelerated to ~17%, about 1.4ppt above expectations. 3) Despite robust top-line, margins were pressured as expected. Blended GPM was 46.1%, down 200bps YoY and a touch below estimates. With the trial impact fading, Subscription Solutions GPM improved slightly. However, a higher mix of lower-margin payments revenue and seasonally higher bandwidth and related costs in 4Q weighed on consolidated margins. Even so, the Merchant Solutions GPM decline was somewhat steeper than expected. Dolphin Research suspects a mix shift toward mid/large enterprises (also likely behind the GMV beat), or other mix changes. 4) Opex came in below prior guidance, with total expenses up only ~20% YoY vs. ~25% last quarter and Street expectations. This was mainly due to lower provisions for transaction and loan losses. On strong growth and lighter-than-expected spend, FCF reached 71.5bn, up 17% YoY and well above the Street’s conservative +11% view. 5) The 1Q26 guide is notably strong: revenue growth is guided similar to this quarter, i.e., 30%+, far above the Street’s 25% (which still embeds a slowdown). Opex ratio is guided to 37%–38% vs. 38.5% expected. In short, stronger growth with lower spend than anticipated. The only blemish is a low FCF margin guide of ~10%–15%, below the Street’s 16.4%. Overall, both results and guidance are better than expected; fundamentals leave little to nitpick, with valuation the main overhang. $Spotify(SPOT.US)

Spotify

Joshua Kushner's Prosperity Capital Invests $100 Million in Shopify

UBS Downgrades Shopify's Target Price to $130

Jefferies lowers Shopify Inc's target price from $150 to $140

Piper Sandler Downgrades Shopify Target Price to $150

Shopify Second Quarter Profit Forecast Below Expectations, Q1 Net Loss of $581 Million

Shopify released FY2026 Q1 earnings on May 5 Pre-Market (EST), actual revenue USD 3.17 B (forecast USD 3.087 B), actual EPS USD -0.4499 (forecast USD 0.2376)

Shopify reports quarterly EPS of $999

Shopify Reports Triple Increase in Weekly Active Stores Using Sidekick AI Assistant in Q1

Shopify reports higher-than-expected revenue for Q1

Shopify Expected to Report Strong Earnings, Stock Up

Strs Ohio and Jennison Associates Increase Holdings in Shopify Inc.

Oppenheimer Reduces Its Holding in Shopify

reAlpha's AiChat Launches Conversational Commerce Integration for Shopify

Shopify Applying for FinTech Licenses

TD Cowen analyst reiterates buy rating on Shopify

Shopify to Release FY2026 Q1 Earnings on May 5, Pre-Market EST; Forecast Revenue USD 3.085 B, EPS USD 0.2376

JPMorgan Expects Shopify to Report Robust Q1 Earnings

Avenue Z Earns Shopify Platinum Partnership

Franklin Street Advisors Invests in Shopify in Q4

Shopify Launches Agentic Storefront for AI Channel Purchases

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Shopify, Inc. (SHOP.US) Q4 2025 Earnings Conference Call

Shopify, Inc. (SHOP.US) Q3 2025 Earnings Conference Call

Shopify, Inc. (SHOP.US) Q2 2025 Earnings Conference Call

Shopify, Inc. (SHOP.US) Q1 2025 Earnings Conference Call

Shopify, Inc. (SHOP.US) Fourth Quarter 2024 Earnings Conference Call

Shopify, Inc. (SHOP.US) Q3 2024 Earnings Conference Call

SHPU

SHPD

New options for Shopify Inc (SHOP) with an August 21st expiration are now available. A put contract at a $100 strike price has a bid of $9.50, offering a potential cost basis of $90.50 for buyers. A call contract at a $105 strike price has a bid of $11.40, providing an 11.75% return if exercised. The odds of the put expiring worthless are 62%, while for the call, they are 44%. Implied volatilities are 65% for puts and 61% for calls.

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SHOP August 21st Options Begin Trading

Revenue growth is excellent for Shopifty.

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Should you buy Shopify stock on the dip?

$100 invested in Shopify 10 years ago would be worth $3,794.42 today, reflecting an average annual return of 44.06%. Shopify has outperformed the market by 30.3% annually, with a current market capitalization of $129.69 billion. This highlights the significant impact of compounded returns on investment growth over time.

benzinga_article

$100 Invested In Shopify 10 Years Ago Would Be Worth This Much Today

METU

Jim Cramer is cautious about semiconductor stocks, which he believes have surged too much, prompting him to take profits. He is now focusing on AI-driven companies like Meta and Shopify, which are down significantly despite strong earnings. The tech sector is experiencing rising earnings and easing valuations, presenting selective investment opportunities amidst bubble-like conditions in some areas.

- Cramer cautions that semiconductor stocks have risen dramatically, leading him to secure profits on certain investments.  
- He is targeting AI-driven companies like Meta and Shopify, which are trading significantly below their peaks despite positive earnings reports.  
- The tech sector is experiencing strong earnings growth with lower valuations, presenting selective opportunities amidst some bubble-like trends.

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Shopify's stock rises as Thrive Capital and ARK Invest boost their stakes, betting on AI for e-commerce growth. The company reported a 34% revenue increase to $3.2B in Q1 2026, with an 88% rise in operating income year-over-year, despite a net loss from equity investments. Analysts maintain a 'Buy' rating with an average price target of $159.66, indicating strong growth potential.

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Shopify rises as Thrive and ARK back AI strategy

EZ Texting has launched its SMS marketing platform on the Shopify App Store, enabling ecommerce merchants to automate SMS marketing and recover lost revenue from cart abandonment. With features like automated workflows, pre-built templates, and real-time contact synchronization, merchants can engage customers effectively. The integration allows for timely notifications, abandoned cart reminders, and promotional messages, enhancing customer loyalty and driving conversions. EZ Texting aims to simplify SMS marketing for businesses of all sizes, leveraging AI and automation to support growth.

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13:42 ETEZ Texting Expands into Shopify App Store, Helping Merchants Automate Their SMS Marketing and Recover Revenue

2 Unusually Active Shopify Stock Calls Work Out to 1 Interesting Strategy

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2 Unusually Active Shopify Stock Calls Work Out to 1 Interesting Strategy