Shopify SHOP stock is testing horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... on June 7, 2023, for a possible breakout.

Shopify is an e-commerce platform that allows businesses to create online stores and sell their products and services. It provides a range of tools and features to help businesses manage their inventory, process payments, track sales, and market their products to customers. Shopify also offers a range of customizable themes and templates, as well as integrations with third-party apps and services, to help businesses create a unique and professional-looking online store.

Along with other cost-cutting measures, Shopify also reduced its workforce by about 20%. This was done in conjunction with the sale of its logistics business. Although painful now, these reductions should help Shopify’s profit margins and cash flowThe cash flow statement provides a detailed overview of the cash inflows and outflows of a company over a specified period of time. It includes cash received from operations, inves....

Price increases and a rise in sales by merchants using Shopify’s e-commerce platform were the main factors in the first quarter’s 25 percent year over year revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... growth to $1.5 billion.

Although current profits aren’t great, analysts predict massive growth of 715 percent in profits by 2023.