The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. (File photo by THE CANADIAN PRESS)

Shopify reports Q1 revenue up as more businesses go online due to the pandemic

Revenue grew 47 per cent

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.

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.

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.

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.

This report by The Canadian Press was first published May 6, 2020.

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