Canada’s Shopify Expands Through Deals With Amazon.com
Canada’s Shopify, a maker of software that helps retailers set up and manage online stores, posted better-than-expected results and raised its full-year revenue forecast.
The company, which went public in May last year, said it expects full-year revenue of $337 million to $347 million, 5.2% higher than its previous estimate.
Shopify (SHOP) has been expanding by striking deals with Amazon.com, giving its clients the options to make sales through the online retailing giant (AMZN).
However, the company said it expects a bigger 2016 operating loss of $41 million to $47 million, compared with a previous forecast of $36 million to $42 million, due to higher compensation and related expenses.
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Excluding these adjustments, the company maintained its expectation for full-year adjusted operating loss of $16 million to $22 million.
The company said net loss widened to $8.9 million in the quarter from $6.3 million in the preceding quarter.
On a per-share basis, net loss attributable to shareholders widened to 11 cents, from 8 cents, in the preceding quarter.
Excluding items, Shopify posted a loss of 6 cents per share, smaller than the average analyst estimate for a loss of 9 cents per share, according to Thomson Reuters I/B/E/S.
The Ottawa-based company’s revenue rose 3.6 percent from the preceding quarter to $72.7 million, beating the average analyst estimate of $66.9 million.