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.
RELATED VIDEO: Canada has a new most valuable company
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.
Shopify breaks through $1,000 per share after reporting a 47% increase in Q1 revenue y/y to US$470 million. The stock is up 6%, topping $1,207 in TSX trading and is up 99% ytd. pic.twitter.com/TyLb47uzzm
— Richard Dettman (@rwdettman) May 6, 2020
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.
BREAKING: Shopify surpassed the Royal Bank of Canada today as the most valuable company on the TSX. Each has a market capitalization of ~$121 billion. Shopify is currently a bit below RBC’s market cap. pic.twitter.com/PFlKTPbEvX
— Richard Dettman (@rwdettman) May 6, 2020
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.
Final market cap score:
Shopify $121.29 billion
Royal Bank $120.61 billion
Shopify is the most valuable public company in Canada. @NEWS1130 pic.twitter.com/7V8J0eaLZq— Richard Dettman (@rwdettman) May 6, 2020
Companies in this story: (TSX:SHOP)
