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.

BusinessCoronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UPDATE: Heartland Youth Centre has named the winners in this year’s fundraising raffle

Nan Gardner has won the grand prize of the 2020 GMC Terrain

Alberta reports just seven new COVID-19 cases

‘Today’s numbers mark an occasion to be celebrated’

Town of Stettler sports fields close for improvements

The Turf Revitalization Plan has been expedited from the initial five-year strategy

Still no confirmed active COVID-19 cases in Red Deer, central zone

There are 15 new confirmed cases were in Alberta, the province said Thursday

It’s back to business at Stettler’s Superfluity

This year also marks organization’s 40th anniversary

PODCAST: Black Lives Matter in central Alberta

Community organizers come on the show to discuss central Albertan anti-racist movement

Montreal man believes rough arrest caught on video was racially motivated

Montreal man believes rough arrest caught on video was racially motivated

N.B. police shooting of Indigenous woman leads to questions on ‘wellness checks’

N.B. police shooting of Indigenous woman leads to questions on ‘wellness checks’

Minister says reckoning on police violence against Indigenous people needed

Minister says reckoning on police violence against Indigenous people needed

Nunavut to bring in civilian police review after arrest video: minister

Nunavut to bring in civilian police review after arrest video: minister

Trudeau takes a knee at anti-racism protest on Parliament Hill

Trudeau takes a knee at anti-racism protest on Parliament Hill

Liberal MP Marwan Tabbara faces assault, break and enter, harassment charges

Liberal MP Marwan Tabbara faces assault, break and enter, harassment charges

Black Canadians say racism here is just as harmful as in the United States

Black Canadians say racism here is just as harmful as in the United States

Implementation of Divorce Act reforms delayed eight months by pandemic

Implementation of Divorce Act reforms delayed eight months by pandemic

Most Read