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May 2, 2017

Shopify reports 75% quarterly revenue jump; ups full-year forecast

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Shopify Inc (SHOP.TO) raised its full-year revenue forecast as more merchants used its e-commerce platform to set up and manage their online stores.

The company, which reported a 75 per cent jump in quarterly revenue, raised its full-year revenue forecast to US$615 million-US$630 million, from its earlier forecast of US$580 million-US$600 million.

Merchants use Shopify's software platform to design, set up and manage their stores across sales channels including the web, mobile devices, social media and brick-and-mortar outlets.

Revenue from Shopify's merchant solution business nearly doubled to US$65.3 million in the first quarter ended March 31.

Shopify gets a bulk of its merchant solutions revenue from fees it charges merchants when their customer orders are processed through Shopify's payment system.

Revenue from its subscription business, which makes money from the fees Shopify's clients pay to use its platform, 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 I/B/E/S.

Revenue rose to US$127.4 million from US$72.7 million.