“People seem to pay attention to them, but are they being held accountable?” Tobi Lütke tweeted Sunday evening, asking whether there’s a repository of their track records. (The Logic)

Talking point: On Thursday, Shopify reported first-quarter earnings that fell short of analysts’ consensus revenue and profit estimates. Lütke’s tweet follows a week in which several investment banks that cover the company cut their price targets, including the likes of Barclays, CIBC Capital Markets and Wedbush Securities. The Ottawa-headquartered firm previously beat the street’s expectations for six years’ worth of reports through to the second quarter of 2021; outperforming is another way of saying an analyst got their predictions wrong, Lütke claimed in another tweet on Sunday. His third weekend post speaks most to Shopify’s current market malaise: analysts’ models “should really” include “when it’s mostly macro economic factors,” he said. On its earnings calls and in a round of media appearances last week, Shopify executives cited big-picture issues like inflation and the post-pandemic re-opening to explain the firm’s results between January and March. Shopify’s stock was down nearly 10 per cent Monday on the New York Stock Exchange.