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Shopify Inc. (NYSE:SHOP) shares are experiencing a decline on Friday. This movement is attributed to e-commerce and broader market reactions following Amazon.com Inc. (NASDAQ:AMZN) mixed second-quarter earnings report and soft third-quarter guidance.
What To Know: Amazon reported mixed second-quarter earnings after Thursday’s closing bell, with net sales missing analysts’ estimates. Despite AWS revenue slightly surpassing expectations at $26.3 billion, the overall guidance for third-quarter was softer than anticipated, with projected net sales ranging from $154 billion to $158.5 billion.
Several analysts have also adjusted their price targets for Amazon, further influencing market sentiment. Stifel, Jefferies, Piper Sandler and JP Morgan all lowered their price targets for Amazon.
What Else: Shopify is set to release its second-quarter earnings report on Wednesday August 7th, before the market opens. The company is expected to report an estimated EPS of 20 cents and revenue of $2.011 billion. Additionally, analysts have shared mixed opinions on Shopify’s prospects. Over the past month, three industry analysts have proposed an average target price of $76.33 for the stock:
SHOP Price Action: Shopify shares fell by 7.31% to $53.92 at the time of writing, according to Benzinga Pro.
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