OTTAWA — Shopify Inc. reported a first-quarter loss of US$31.4 million as its revenue grew 47 per cent compared with a year ago as more stores and restaurants signed up for its services in a bid to go online due to the pandemic.
Shopify chief executive Tobi Lutke says the company is working as fast as it can to support its merchants by re-tooling its products to help them adapt to the new reality.
The e-commerce company, which keeps its books in U.S. dollars, says the loss for the quarter ended March 31 totalled 27 cents per share compared with a loss of US$24.2 million or 22 cents per share for the first quarter of 2019.
Revenue totalled US$470 million for the quarter, up from US$320.5 million in the same quarter last year.
On an adjusted basis, Shopify says it earned US$22.3 million or 19 cents per share for the first quarter of 2020 compared with an adjusted profit of US$7.1 million or six cents per share for the first quarter of 2019.
Analysts on average had expected an adjusted loss of 18 cents per share for the quarter and US$442.9 million in revenue, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 6, 2020.