By Daniel Shvartsman

Shopify (NYSE) stock fell 3.5% before market as Shopify, an e-commerce platform provider, missed its estimates for both the top and bottom line. There are also concerns about a possible post-pandemic hangover.

Canadian companies reported adjusted net income of $0.81 per share after adjusting for a large equity gain and revenue of $1.12billion, compared to estimates of $1.24/share or $1.15billion. The company’s outlook for Q4 was imprecise, but maintained the theme of moderating growth from 2020. “We continue to expect the fourth quarter to contribute the largest share of full-year revenue, and that the revenue spread will be more evenly distributed across the four quarters than it has been historically,” they said, while nodding to the challenges around the supply chain in retail more broadly. Shopify’s Q4 has accounted for 32-33% of yearly revenue the last two years, and current estimates are for 1.37B in Q4 revenue, which would amount to 30% of this year’s revenue.

Shopify reached a landmark at $400 billion cumulative gross merchandise value. This figure has been doubled in just 16 months.

The company’s shares are trading hands at $1300 premarket, up 15% from the start of the year but down 3.8% from yesterday’s close and 21% from this year’s highs. It was also a major 2020 winner with over 180% of shareholders’ returns.

This sets a tone for today’s post-market report from Amazon (NASDAQ:), the leading e-commerce retailer, which missed revenue expectations in Q2 and has been off their highs as well.