Key takeaways
- ARK Invest snapped up Shopify shares on the same day the stock cratered after a rare revenue miss.
- Volume, 24.8 million shares versus 13.9 million on Monday, indicated heavy selling.
- Revenue rose 32% to $3,742 million, and gross merchandise volume (GMV), the total value of goods merchants sell through Shopify, grew 29% to $119,145 million.
ARK Invest snapped up Shopify shares on the same day the stock cratered after a rare revenue miss, raising a pointed question about whether the fundamentals justify that confidence at a 141x earnings multiple.
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