Shopify shares fall about 12.6% midday after Q1 results on soft Q2 guidance

Shopify shares dropped about 12.6% by midday on May 5, 2026 despite a first-quarter revenue and non-GAAP EPS beat. Investors focused on the second-quarter outlook: revenue growth in the high-twenties percent was a slowdown from 34% in Q1, and the gross profit outlook was in the mid-twenties. The stock had already been under pressure through April on valuation and AI disruption worries.

• Stock down 12.6% at 12:09 p.m. ET on May 5, 2026
• Q1 revenue and non-GAAP EPS beat expectations
• Q2 revenue growth guided to high-twenties percent, down from 34% in Q1
• Q2 gross profit growth guided to mid-twenties percent