07:40 AM EDT, 05/08/2024 (MT Newswires) -- Shopify ( SHOP ) reported Q1 adjusted net income Wednesday of $0.20 per diluted share, up from $0.01 a year earlier.

Analysts polled by Capital IQ expected $0.17.

Revenue for the quarter ended March 31 was $1.86 billion, up from $1.51 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.85 billion.

Shares of the e-commerce platform fell more than 16% in recent Wednesday premarket activity.

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