Shares of Ottawa-headquartered Shopify are up more than 8% today after the cloud-based e-commerce company posted better-than-expected first quarter financial results.
Shopify released its first quarter 2017 financial results on Tuesday morning, posting a loss of $0.15 per share and revenues of $127 million.
The company, which reported a 75 per cent jump in quarterly revenue, also raised its full-year revenue forecast to US$615-630 million, from its earlier forecast of US$580-600 million.
Revenue from Shopify’s merchant solution business nearly doubled to US$65.3 million in the first quarter ended March 31st while revenue from its subscription business rose about 60 per cent to US$62.1 million.
Net loss widened to US$13.6 million, or 15 cents per share in the first quarter ended March 31, from US$8.9 million, or 11 cents per share, a year earlier.
Excluding items, the company posted a loss of 4 cents per share, smaller than average analysts’ estimate of 10 cents per share, according to Thomson Reuters.