Shopify: Earnings Could Provide a Catalyst for a Breakout Above 91/92

Shopify's Earnings: What to Expect

Shopify is set to report its earnings on February 15, 2023. Analysts are expecting the company to report a loss of $0.12 per share on revenue of $1.38 billion. However, some analysts believe that Shopify could surprise the market with a better-than-expected quarter.

Shopify's Recent Performance

Shopify's stock has been under pressure in recent months, falling from a high of $139.04 in November 2021 to a low of $91.01 in January 2023. The decline in Shopify's stock price has been attributed to a number of factors, including concerns about the company's growth prospects and the broader market sell-off.

Shopify's Growth Prospects

Despite the recent decline in its stock price, Shopify remains a high-growth company. The company's revenue grew by 57% in 2022, and analysts expect revenue to grow by 22% in 2023. Shopify's growth is being driven by the increasing adoption of e-commerce, as well as the company's continued expansion into new markets.

Shopify's Technical Analysis

From a technical analysis perspective, Shopify's stock is currently trading below its 50-day and 200-day moving averages. This indicates that the stock is in a downtrend. However, the stock is also trading above its support level at $91.01. If Shopify's stock can break above its resistance level at $92.00, it could be a sign that the stock is ready to reverse its downtrend.

Conclusion

Shopify's earnings report on February 15, 2023 could provide a catalyst for a breakout above $91/92. If the company reports better-than-expected results, it could send the stock price higher. However, if the company reports disappointing results, it could send the stock price lower. Investors should watch Shopify's earnings report closely to see if it can provide a catalyst for a breakout.