November 4th, 2026 · by Trefis TeamSHOPYTD-11.4%SPYYTD+11.2%QQQYTD+11.8%
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Shopify (SHOP) stock fell 8.7% on Tuesday, November 3, 2026, while the S&P 500 rose 0.4%. The decline happened the same day Shopify released its third-quarter results before the market opened. News reports said earnings beat estimates while revenue came in just below them, and another report said revenue topped estimates. The first, from CNBC, measured revenue against LSEG estimates; the second came from Zacks. Which parts of Shopify’s quarter came up short?
News Reports Say Volume And Subscription Revenue Fell Short
News reports tied the fall to a small miss on gross merchandise volume and subscription revenue. Management said on the November 3 call that gross merchandise volume, the value of goods sold through Shopify’s merchants, rose 29.5% to $119 billion in the quarter.
Total revenue grew 32% to $3.7 billion, delivering on what management said were its own expectations. Merchant Solutions accounted for most of that growth. The segment saw its revenue grow 35%, which management credited to the strength in merchandise volume and higher payments penetration.
Subscription Solutions, the plans merchants pay for, grew more slowly. Revenue for the segment rose 20%, led by standard plan subscriptions, management said.
Did Shopify Fall With Other Software Stocks?
No, Shopify fell on its own. Among the 64 other application software companies valued at $2 billion or more, the median stock slipped just 0.1%. Within that group, 35 stocks fell, 26 rose and three remained unchanged, with only three falling 5% or more.
The broader sector rose: the XLK fund tracking Information Technology stocks gained 1.3%. Among the companies Trefis counts as Shopify’s peers, Adobe fell 2.1% and Amazon.com rose 2.1%.
Where Does Shopify Stock Stand After Its Fall?
A fall this large is unusual for Shopify. A drop of this size happened in only two sessions over the prior 365 days, and the latest move of this scale in either direction was a 17.0% rise on August 5, 2026.
Tuesday’s fall adds to a slide dating back to October. Shopify shares lost 11.0% over the month from October 5 to November 3. Their highest close of the past year was $179.22, on October 12, 2026. From that peak to the November 3 close of $142.57, the shares fell 20%. Over the full year to November 3, the stock lost 18.0%, while the S&P 500 returned 11.9%.
The shares are still far above their lowest close of the past year, $95.40, set on May 13, 2026. Over the six months to November 3, they returned 32.5%.
Shopify is expected to report its fourth-quarter results in February 2027. Gross merchandise volume and subscription revenue, the two figures news reports tied to Tuesday’s fall, are the measures to watch in that report.
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