Why Shopify Fell 13% Despite 32% Growth (Nov 3, 2026)
Shopify (SHOP) fell about 13% at the open on Tue, Nov 3, 2026 after its Q3 2026 report, then cut the loss to about 7% by the afternoon.
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Quick overview
- Shopify fell about 13% at the open on November 3, 2026, then cut the loss to about 7% by afternoon.
- Revenue grew 32% to $3.74B with a 22% free cash flow margin.
- GMV, sales on its platform, was $119.1B, up 29%, but analysts reportedly expected about $120.1B.
- −13% Shopify at the open, Nov 3, 2026
- +32% Q3 revenue, to $3.74B
- $119.1B GMV vs about $120.1B expected
What happened
Shopify fell about 13% at the open on Tuesday, November 3, 2026, after its third-quarter report. By the afternoon it had cut the loss to about 7%. Revenue still grew 32% to $3.74 billion.
Why it matters
Gross merchandise volume, the total sales on its platform, came in at $119.1 billion. Analysts reportedly expected about $120.1 billion. That is still 29% growth, but investors wanted more.
Watch the 30-second short to see the one number that sank Shopify at the open.
FAQ
Why did Shopify stock fall after earnings in November 2026?
GMV came in at $119.1B, below the roughly $120.1B analysts reportedly expected, even though revenue grew 32%.
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Topics: shopify, shopify stock, shop stock, shopify earnings, gmv, ecommerce stocks, stock market today, wall street