Roku (NASDAQ: ROKU) and Shopify (NYSE: SHOP) were huge pandemic favorites during 2020 and early 2021. Investors were optimistic about Roku's position within the connected TV market, and Shopify was putting up fantastic earnings results as it powered a growing number of e-commerce sites. With slowing growth, increasing competition, and the current bear market, both Roku and Shopify have been down over 80% in the past year.
Shopify (SHOP) launches POS Go to meet the rising demand for point-of-sales software solutions demanded by retail merchants to compete with the e-commerce market.
Shares of Shopify (NYSE: SHOP) were falling today in another risk-off day for the stock market. A strong initial unemployment claims report seemed to feed the bearish sentiment, signaling that the Federal Reserve may have a ways to go in order to bring inflation under control as the economy is still running hot. As an unprofitable growth stock, Shopify is more sensitive to the macroeconomic climate than most stocks, and it also has direct exposure to consumer spending, making it different from most of the software-as-a-service (SaaS) sector.