February 23rd, 2024

Shopify reports US$657M Q4 profit compared with loss a year ago, revenue up 24%

By The Canadian Press on February 13, 2024.

Shopify Inc. headquarters signage in Ottawa on Tuesday, May 3, 2022. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Shopify Inc. reported a fourth-quarter profit of US$657 million compared with a loss of US$623 million a year earlier as its revenue rose 24 per cent.

The e-commerce technology firm, which keeps its books in U.S. dollars, says the profit amounted to 51 cents US per diluted share for the quarter ended Dec. 31, up from a loss of 49 cents US per diluted share in the last three months of 2022.

On adjusted basis, Shopify says it earned 34 cents US per diluted share, up from adjusted profit of seven cents US per share.

Revenue totalled US$2.14 billion, up from US$1.74 billion a year earlier.

The increase in revenue came as Shopify’s merchant solutions revenue rose to US$1.62 billion compared with US$1.34 billion a year earlier, boosted by an increase in driven primarily increased sales by its merchants. Subscription solutions revenue was US$525 million, up from US$400 million.

In its outlook for the first quarter of 2024, Shopify says it expects overall revenue to grow at a low-twenties percentage rate on a year-over-year basis.

This report by The Canadian Press was first published Feb. 13, 2024.

Companies in this story: (TSX:SHOP)

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