Despite market slumps, Shopify's sales, user count still booming
Yesterday, the same day where the Dow dropped 400 points and NASDAQ closed down about 4%, e-commerce company Shopify ($NYSE:SHOP) saw its stock slide over 11% in one day of trading.
While Ottawa-based merchant platform may saw gains last week, yesterday's tumble wiped it all out in less than 8 hours of trading.
That all said, Shopify is having a strong year when it comes to objective numbersr that matter: user base and overall sales. Shopify lists its user and sales numbers on its website, updating the numbers daily, and we've been tracking those numbers for some time now.
On October 25, Shopify announced that it had seen $82 billion worth of sales on its platform. In 2018 alone, Shopify helped businesses make about $36 billion, which is the most the company has done in a single year (with two months left to go).
Earlier this year, Shopify also surpassed 600,000 clients. Although this user base appears to be growing slowly as of late, Shopify can still tout an increase of 20% since the start of the year.
As the markets grow increasingly volatile during what some describe as an intense market corrections period, and others, such as Morgan Stanley ($NYSE:MS), describe as a bear market, Shopify's stock price will be held into question. However, in this case, a company's health does not reflect its stock price, and Shopify is continuning to have a strong year.
After releasing its Q3 report, Shopify upped its full-year revenue guidance to a range of $1.04 billion to $1.05 billion, and expects fourth-quarter sales to jump 44% from Q4 2017. In short, Shopify could still be due for a successful 2018, as even with yesterday's scare, its stock is still up over 25% from the beginning of this year.