Tue, Feb 20, 2024 3:20 PM
Unitech Inter Standalone December 2023 Net Sales at Rs 0.66 crore!
A Flip by Avya Verma
Shopify (NYSE: SHOP) stock plunged following its first-quarter earnings. While its 23% yearly revenue growth closely approximated its performance in past quarters, a forecast for lower Q2 revenue growth and a return to net losses appeared to spook investors.Nonetheless, one can still argue that Shopify is expensive even after the pullback.
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The tech industry is booming after facing a sharp downturn in 2022. Advances in artificial intelligence (AI) brought the launch of OpenAI's ChatGPT, forcing countless companies to restructure their businesses to prioritize the generative technology. Excitement over AI has boosted the entire tech market, with the Nasdaq-100 Technology Sector soaring 75% since the start of last year.
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The market needed some relief after a five-day drop wiped off nearly 700 points on the Nifty. There was no relief rally as such on Friday, but the fact that the index did not shed any more points on the downside and ended with modest gains was relief in itself. While the Nifty prevented a worst week in six months, it did have its worst weekly drop in two months.
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