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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. […]

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Shopify is a fast growing company, but its share price is growing much faster. There was already almost an order of magnitude between the two growth rates the last four months. But rather than a slow-down, the share price is actually accelerating, going parabolic. We simply argue that something will have to give sooner rather […]

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The shares of Shopify, already tremendously valued, rallied another 50% in the past three months. We fear this sets us up for an earnings disappointment. We provide some pointers in what to look for. What To Look For In Shopify’s Earnings

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Cloud platforms open the possibility for significant economies of scale, scope and network effects. When these forces are strong, a virtuous cycle can ensue in which the company’s position becomes difficult to dislodge. We are comparing two such companies for their potential on these dimensions. Workday Versus Shopify, 2 Cloud Platform Companies Compared

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Shopify has grown at near triple-digit rate the past years. This year, growth will slow down, but not by much. The company’s focus is on the long-term build-out of its platform; solving problems for its merchants gives it an edge. However, shares are steeply valued already. Shopify Going From Strength To Strength

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