Shopify reports US$171 second-quarter profit, revenue up 21% from year ago
By The Canadian Press on August 7, 2024.
OTTAWA – Shopify Inc. reported a profit in its latest quarter compared with a loss a year ago as its revenue increased 21 per cent. The e-commerce company, which keeps its books in U.S. dollars, reported net income of US$171 million or 13 cents US per diluted share for the quarter ended June 30. The result compared with a net loss of US$1.31 billion or US$1.02 per diluted share a year earlier when the company recorded a US$1.34-billion charge on the sale of its logistics business. Revenue for the quarter totalled US$2.05 billion, up from US$1.69 billion in the same quarter last year. The increase came as subscription solutions revenue totalled US$563 million, up from US$444 million a year ago, while merchant solutions revenue amounted to US$1.48 billion, up from US$1.25 billion. In its outlook for its third quarter, Shopify says expects revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis. This report by The Canadian Press was first published Aug. 7, 2024. Companies in this story: (TSX:SHOP) 9-8
