Why Shopify Stock Dove Today

Shopify stock fell 5.32% despite beating earnings expectations with Q3 revenue of $3.74B (up 32% YoY) and adjusted EPS of $0.49 (up 44%). The decline was driven by investor concerns over missed guidance metrics: GMV of $119.2B fell short of the $120.1B forecast, and subscription revenue of $836M underperformed the expected $850M. At a 99x P/E multiple, the stock offers less room for error despite being significantly discounted from its three-year average of 169x.