Stock Alert: Shopify Falls 8% After Suspending FY20 Outlook

(RTTNews) - Shares of Shopify Inc. (SHOP) are losing more than 8 percent in Thursday's trading at $353.58. The shares have traded in a range of $190.38 to $593.89 in the past 52 weeks.

Wednesday, Shopify said it is suspending its financial outlook for full year 2020 due to the uncertainty surrounding the coronavirus pandemic. The Canada-based e-commerce company plans to announce its financial results for its first quarter on Wednesday, May 6, 2020.

Shopify said that despite the global economic disruption triggered by COVID-19, it expects to report revenue and adjusted operating income for the first quarter within or ahead of the range of expectations provided on February 12, 2020. The company noted that it ended 2019 with momentum that continued into January and February of 2020.

Shopify further said that in response to COVID-19, it has extended a 90-day free trial to all new standard plan signups, made gift cards available on all plans and for all merchants, and implemented local in-store/curbside pickup as well as delivery for POS merchants.

The company has also made a $200 million commitment for Shopify Capital while fast-tracking expansion to core geographies, and provided multiple online resources to support merchants.