Shopify Inc$Shopify(SHOP)$ . is investing aggressively in their product portfolio, which should expand their total addressable market and improve their competitive positioning.
Expectations are high for the fourth quarter, which may lead to disappointment. Retail sales growth has been softening and Shopify's margins are set to continue falling in the near-term.
With the recent run higher in share price, SHOP stock is beginning to look expensive again. Growth is unlikely to return to pre-COVID levels and margins will remain under pressure.
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