Here are five things you need to know this morning
Slowing growth hits Shopify: Shares of Shopify traded down by more than eight per cent in the pre-market after the Canadian e-commerce platform gave an outlook that showed revenue growth slowing. Shopify expects revenue in the second quarter to increase at a “high-twenties percentage rate” from a year earlier. That compares to revenue growth of 39 per cent in the quarter just ended. A former stock market darling, at times this decade Shopify has been the most valuable company in Canada. However, its shares are down by more than 21 per cent so far this year.
Cameco tops expectations: Cameco’s first-quarter results beat expectations with profit and revenue driven by higher uranium prices and solid production. The company says performance across its uranium, fuel services and Westinghouse segments remains on track, supported by a disciplined operating strategy. Cameco added its balance sheet remains strong, as it prepares for planned maintenance and future supply flexibility. We’ll find out more when we speak with Cameco CEO Tim Gitzel today on BNN Bloomberg at 10:20 a.m. E.T..
TMX Group profit more than doubles: TMX Group reported a sharp rise in first-quarter profit, driven by strong growth across its core business lines. The Toronto-based exchange operator posted net income of $224.62 million, more than double the same period last year. Revenue also climbed to a record level, reflecting increased activity across both trading and subscription-based services. Last month, TMX agreed to acquire CBOE’s operations in Canada and Australia. TMX Group CEO John McKenzie will tell us more in his interview on BNN Bloomberg at 9:40 am E.T.
Propel raises dividend: Propel Holdings is one of Canada’s fastest-growing ‘fintech’ companies, specializing in loans to subprime customers. This morning the firm released quarterly revenue and profit numbers that topped expectations, as well as an increased dividend. Propel says consumer demand is “robust”, with origination volumes increasing by 30 per cent. BNN Bloomberg will be interviewing CEO Clive Kinross today at 1:30 P.M. E.T.
Toronto home sales perk up: Canada’s largest housing market is showing signs of life, with sales rising 6.1 per cent -- the biggest monthly gain in nine months. Data from the Toronto Regional Real Estate Board shows buyers are returning as lower prices help stabilize the market. Benchmark prices held steady in April ending a months-long decline, though they remain below year-ago levels. We’ll find out more when we speak with TRREB’s Jason Mercer today at 1:10 P.M. E.T..
