Arab Canada News
News
By Mounira Magdy
Published: May 8, 2024
Shares of Shopify Inc. fell by 19.5 percent as the company reported a loss in the last quarter and a slowdown in revenue growth for the upcoming quarter in its financial outlook.
The e-commerce software company, which keeps its books in U.S. dollars, reported a net loss of $273 million, or 21 cents per diluted share, for the quarter ended March 31.
This quarter's results are compared to a profit of $68 million, or five cents per diluted share, in the same quarter last year.
Total revenue for this quarter was $1.86 billion, a 23 percent increase compared to $1.51 billion in the first quarter of last year.
The results drove Shopify's stock price down by $20.66 to $85.09 in morning trading on Wednesday.
In its outlook for the second quarter, Shopify states that its year-over-year revenue growth will be affected by the sale of its logistics business. It also expects gross profit margin to decline by half a percentage point compared to the first quarter.
The company clarified that its merchant solutions revenue reached $1.35 billion in the last quarter, up from $1.13 billion the previous year, while total subscription solutions revenue was $511 million, up from $382 million in the same quarter last year.
On an adjusted basis, Shopify says it earned 20 cents per diluted share in the last quarter, up from an adjusted profit of one cent per share in the first quarter of 2023.
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