<div id="readability-page-1"><div>By Adriano Marchese Shopify is plowing ahead with investments in artificial intelligence and international expansion, moves that will put pressure on margins in the near term as the company bets on unlocking future growth. The online shopping platform, which provides the backbone for thousands of online shops, on Wednesday said it expects free cash flow margin to be down in the first quarter versus last year, continuing the pressure it saw in the previous quarter. The outlook came after Shopify reported a mixed fourth quarter, with adjusted per-share earnings below expectations while sales topped Wall Street estimates. The stock, after ticking higher premarket, plunged when the market opened and was recently down 14% to 149.17 Canadian dollars ($110.08). The stock is down over 30% since the start of the year, part of a broader pullback in shares of software based companies as investors assess the impact of AI. A large part of Shopify's planned investment focuses on its agentic commerce build-out which aims to let AI assistants shop on behalf of customers. That push, along with more investments in marketing, and rolling out new tools for merchants, is adding to costs. The company is also expanding its global footprint among both small and enterprise merchants, pushing growth in international markets, especially in Europe where more merchants are signing onto its platform. &#34;As a growth company, we choose to invest in these areas rather than pursue higher free cash flow margins in the near-term,&#34; Chief Financial Officer Jeff Hoffmeister said. In the meantime, Shopify is enjoying strong growth. It finished its fourth quarter, which encapsulates merchant sales made during the holiday season, with sales up 31% from a year ago. It also expects revenue to rise at a similar rate in the current quarter. Shopify reported net income of $743 million, or 57 cents a share, compared with $1.29 billion, or 99 cents a share, a year ago. Adjusted earnings came in 2 cents below consensus forecast at 48 cents a share. Free cash flow was $715 million, up from $611 million, while free cash flow margin slipped to 19% from 22%. Gross merchandise volume, which measures the total dollar value of all sales made through a platform, also came in ahead of expectations at $123.84 billion from $94.46 billion, while monthly recurring revenue climbed to $205 million from $178 million. Write to Adriano Marchese at adriano.marchese@wsj.com (END) Dow Jones Newswires02-11-26 1240ET</div></div>

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Shopify 正在投資人工智能和國際擴張，這預計將在短期內對利潤率造成壓力。該公司預計第一季度的自由現金流利潤率將較去年下降，此前第四季度報告表現不一。儘管銷售額同比增長了 31%，但調整後的收益未能達到預期。市場開盤後，Shopify 的股票下跌了 14%，反映出軟件股的整體下滑。該公司報告的淨收入為 7.43 億美元，自由現金流上升至 7.15 億美元，但利潤率下降至 19%

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在人工智能驅動的增長推動下，Shopify 的利潤率面臨壓力 -- 更新