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OTTAWA, Ont. (AP) – Shopify Inc. (SHOP) announced Tuesday a loss of $ 24.2 million in the first quarter.
The company based in Ottawa, Ontario, reported a loss of 22 cents per share. The profit, adjusted for stock option expense, is 9 cents per share.
The results have exceeded Wall Street's expectations. The average estimate of 24 analysts surveyed by Zacks Investment Research indicated a loss of 5 cents per share.
The cloud trading company reported sales of $ 320.5 million during the period, which is also higher than Street's forecast. Twenty-four analysts surveyed by Zacks were counting on $ 309.9 million.
For the current quarter ending in July, Shopify said it expects revenues of between $ 345 and $ 350 million.
The company expects annual revenues ranging from $ 1.48 to $ 1.5 billion.
Shopify shares have increased 63% since the beginning of the year. The stock has increased 78% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a report on Zacks' actions on SHOP at https://www.zacks.com/ap/SHOP.
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