Comment / Analysis: As Shopify tumbles, distress mounts at Flexport

ID 134188864 © Andrea De Martin | Dreamstime.com

It was a rather dismal day for one of Flexport’s chief backers Shopify (SHOP) on the stock market yesterday: down -18.6% during an uneventful session for Mr Market, it shed $18.3bn of value on Bleak Wednesday 8 May, its market cap plunging to $80.8bn.

As happened the last time around in February, equity analysts didn’t bother asking management – who certainly put on a brave face with the sell-side pros despite a disappointing Q1 24 – anything about Flexport in the ...