Revenue growth was lower than the previous quarter, but investors see evidence of improving growth trends in the near term after Snowflake reported cloud consumption on its platform was up 500% in October since last year. The declining rate of revenue growth has been a heavy anchor on this stock trading at an expensive valuation.
Shopify (NYSE: SHOP) has been one of the top stocks on the market over the past decade as it's established itself as the clear leader in e-commerce software, challenging Amazon along the way as few other companies have. Shopify continues to grow, but the stock does seem to have lost some of its luster. Jeremy Bowman: Shopify stock is still down more than 50% from its pandemic-era peak, but the company is outgrowing competitors, and e-commerce in general continues to gain market share from brick-and-mortar retail and other channels.
Saying that Amazon (NASDAQ: AMZN) has won back investors would be a bit of an understatement. As 2023 nears its close, those who have missed Amazon's rally might be eyeing the business as a worthy opportunity right now.