Is Shopify’s Growth Sustainable?

Shopify Inc (TSX:SHOP) stock is in the midst of a major growth spurt. Following major revenue deceleration in 2022, its top-line growth started climbing, reaching 23% in the first quarter. Free cash flow (a cash-only earnings metric) increased 169%. It was a pretty good performance. Not as good as the performance the company delivered in 2020 and 2021, when the COVID-19 pandemic retail closures gave it a growth spurt. But pretty good. The question is, "Is Shopify's growth sustainable?" We've already seen the company's growth dip as low as 13%. That was following the high growth observed in 2021. This…