(Reuters) -Canadian e-commerce platform Shopify ( SHOP ) forecast its slowest quarterly revenue growth in two years against the backdrop of an uncertain economy and tepid consumer spending, sending its U.S. shares slumping 19% in premarket trading.

The company said on Wednesday it expects second-quarter revenue to grow at a high-teens percentage rate year on year.

That compares with the average growth of about 26% over the last few quarters.

Analysts estimated current-quarter revenue to grow 19.35%, according to LSEG data.

While e-commerce growth has been normalizing, consumers have been looking to cut down on costs, putting Shopify ( SHOP ) at a disadvantage despite price hikes and new AI-based tools.

Adding to the company's pressure, its core clientele if small businesses and medium-sized businesses (SMBs) which have been more susceptible to the hit from higher inflation.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Sriraj Kalluvila)