Shopify Inc. reported a 23% increase in Q1 revenue to $1.9 billion, surpassing expectations of $1.84 billion. Despite beating earnings estimates with an EPS of $0.20, shares plummeted by approximately 19% due to a forecast of slower revenue growth and a projected decrease in gross margins. Gross Merchandise Volume (GMV) rose to $60.9 billion, up 23% year-over-year. The company expects Q2 revenue growth at a high-teens percentage YoY. Subscription revenue reached $511M, up 34% year-over-year, and monthly recurring revenue was $151M, up 30% year-over-year. However, the company's stock suffered one of its worst trading days, with a significant drop following the announcement of a surprise quarterly loss and a downbeat revenue outlook for the next quarter.