The S&P 500 has fallen 22% from its all-time high, putting the benchmark index in a bear market. The duration and severity of a bear market varies, but every past downturn has eventually been washed away by a new bull market. Building on that idea, stocks like Nvidia (NASDAQ: NVDA) and Axon Enterprise (NASDAQ: AXON) are down more than 50%, but the underlying businesses remain healthy and the long-term investment theses are still very much intact.
You don't have to find the exact market bottom to win big. You just have to buy good companies closer to lows than highs.
Considering this, many investors might think the company is floundering, but Shopify is still performing well. In the first quarter of 2022, Shopify posted a 22% year-over-year revenue expansion to $1.2 billion as it helped over $43 billion in gross merchandise volume get sold by e-commerce merchants. Shopify has tools that help merchants build, run, and grow their e-commerce operations.