Shares of Shopify Inc. (SHOP) are down more than 6% Tuesday, July 31, after the company released an updated and corrected second-quarter 2018 filing.
The company's shares were initially rising premarket based on the original filing, but mediocre guidance and a new stock offering that could total up to $5 billion has investors changing their minds.
Shopify said should bring in between $1.015 billion and $1.025 billion this year while revenue for the third quarter should to be between $253 million and $257 million. Analysts are expecting the company to bring in $253.2 million in revenue in the quarter.
The company also reported a second-quarter operating loss of 1.7% with a net loss of $24 million, or 23 cents per share.
"The diversity of our revenue drivers and of our merchant base contributed to our strong revenue growth this past quarter," stated Amy Shapero, Shopify's CFO. "Our mission, our technology and our growth model position us, and our merchants, to thrive in the face of massive changes to retail."