- While growth is slowing down, it’s slowing down less than we feared, and the company is still in hyper-growth phase.
- To boot, it enjoys an entrenched market position, powerful platform economics, and the kicking in of operational leverage.
- The valuation is steep, though the losses and dilution are still substantial and the share based-compensation rich.
- We never feared any blowback from the Facebook/Cambridge Analytica saga, though.
Source: Time Is On The Side Of Shopify Investors – Shopify (NYSE:SHOP) | Seeking Alpha