UPDATE: Shopify said in a statement to Benzinga that it's "incorrect" to suggest the company's success is dependent upon Facebook.

"We remain extremely confident in our business, our merchants, and our growth model. Shopify offers the technology for businesses to sell on their own websites, in retail stores, on marketplaces like eBay and Amazon, and on social channels like Facebook and Pinterest," said spokeswoman Sheryl So. 

"The power of our platform is that we offer one interface for merchants to sell anywhere and everywhere. It's incorrect to say that our merchants' success is tied to Facebook and its data. It's similarly incorrect to say that our company's success is based on our Facebook advertising."