Shopify warns on margins and posts big quarterly loss, sending shares plunging

• Shopify stunned investors after reporting a surprise loss for the first three months of the year.
• The e-commerce platform posted a $273 million loss for the first quarter.
• It marks new low following its boom years during the COVID-19 pandemic.

Shopify shares plunged almost 20% on Wednesday after the e-commerce giant sunk into the red for the first three months of the year.

The Canadian platform for online merchants posted a $273 million net loss in the first quarter, marking a sharp decline from the $68 million profit for the same period a year ago.