E-commerce software platform Shopify (NYSE:SHOP) will be reporting results tomorrow before market open. Here’s what to look for.

Shopify beat analysts’ revenue expectations by 3% last quarter, reporting revenues of $2.81 billion, up 31.2% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ total payment volume estimates and a solid beat of analysts’ EBITDA estimates.

Is Shopify a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Shopify’s revenue to grow 25.5% year on year to $2.34 billion, improving from the 23.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.26 per share.Shopify Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Shopify has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2.9% on average.

Looking at Shopify’s peers in the sales and marketing software segment, some have already reported their Q1 results, giving us a hint as to what we can expect. GoDaddy delivered year-on-year revenue growth of 7.7%, beating analysts’ expectations by 0.6%, and VeriSign reported revenues up 4.7%, in line with consensus estimates. GoDaddy traded down 8.5% following the results while VeriSign was up 8%.

Read our full analysis of GoDaddy’s results here and VeriSign’s results here.

There has been positive sentiment among investors in the sales and marketing software segment, with share prices up 17% on average over the last month. Shopify is up 23.9% during the same time and is heading into earnings with an average analyst price target of $116.96 (compared to the current share price of $95.51).

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