Shopify Inc. headquarters signage in Ottawa on Tuesday, May 3, 2022. Shopify Inc. announced fourth-quarter results Wednesday. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO – Shopify Inc. recorded a loss of US$623.6 million in its most recent quarter as revenue increased by 26 per cent since last year.
The Ottawa-based e-commerce technology company says the net loss in what was its fourth quarter compared with a net loss of US$371.3 million during the same period the year before.
The result for the period ended Dec. 31 amounted to a net loss of 49 cents per diluted share compared with 30 cents per diluted share in the same quarter the year before.
Analysts on average had expected the company to lose 16 cents per diluted shares, according to estimates compiled by financial markets data firm Refinitiv.
Shopify, which reports its financial figures in U.S. dollars, says its revenue reached US$1.7 billion for the quarter.
Looking ahead, the company expects revenue growth to hit a percentage point in the high teens on a year-over-year basis next quarter, but says it will be hit with higher personnel expenses.
This report by The Canadian Press was first published Feb. 15, 2023.
Companies in this story: (TSX:SHOP)
