Shares of Shopify SHOP, -5.02% fell 22% after the e-commerce company released fourth-quarter earnings data earlier this month that came with a disappointing outlook for the current quarter.

Now that the dust has settled after the Q4 22 earnings announcement, they believe the current consensus may be conservative and a return to small losses is a passing problem

Shopify is one of the most important software companies, given its leadership in the nearly limitless TAM, or general addressable market.

Shopify will provide subscription revenue growth through price increases. The price increases that Shopify announced in January could boost subscription revenue by 12% this year and serve as a sort of cushion in the event of volume pressure.