May 26th, 2024

E-commerce company Shopify reports Q1 loss, revenue up 23% from year ago

By The Canadian Press on May 8, 2024.

OTTAWA – Shopify Inc. reported a loss in its latest quarter as its revenue increased 23 per cent compared with a year ago.

The e-commerce software company, which keeps its books in U.S. dollars, says its net loss amounted to US$273 million or 21 cents US per diluted share for the quarter ended March 31.

The result for the quarter compared with a profit of US$68 million or five cents US per diluted share in the same quarter last year.

Revenue for the quarter totalled US$1.86 billion, up from US$1.51 billion in its first quarter last year.

The company says its merchants solutions revenue amounted to US$1.35 billion, up from US$1.13 billion a year earlier, while subscription solutions revenue totalled US$511 million, up from US$382 million in the same quarter last year.

On an adjusted basis, Shopify says it earned 20 cents US per diluted share in its latest quarter, up from an adjusted profit of a penny US per share in the first quarter of 2023.

This report by The Canadian Press was first published May 8, 2024.

Companies in this story: (TSX:SHOP)

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