Shopify earnings (SHOP): The $124B record quarter the market hated

Shopify delivered its first-ever quarter with over $100 billion in merchandise volume, yet the stock plummeted 14% as investors grappled with its transition from hyper-growth startup to mature cash-generator.In ~10 minutes:- Revenue hits record $3.67B (+29% YoY) 📈- Why the $2B buyback authorization spooked growth investors- B2B volume explodes 84% as enterprise adoption sticks- The "Universal Commerce Protocol" strategy for the AI age- Operating leverage vs. Q1 margin guidance compressionThe company has officially pivoted from powering dropshippers to running infrastructure for global giants like GM and Carrier. We discuss if the sell-off was a rational reaction to slowing cash flow margins or a misunderstanding of Tobi Lütke's long-term "empire" roadmap.Shopify Inc. (SHOP) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted