OTTAWA — Shopify Inc. reported a loss of US$24.2 million in its latest quarter as its revenue grew 50 per cent compared with a year ago.
The online shopping software company, which keeps its books in U.S. dollars, says the loss amounted to 22 cents per share for the quarter ended March 31 compared with a loss of $15.9 million or 16 cents per share a year ago.
Revenue totalled $320.5 million, up from $214.3 million.
The increase came as subscription solutions revenue grew to $140.5 million compared with $100.3 million a year ago, while merchant solutions revenue climbed to $180 million from $114.1 million.
On an adjusted basis, Shopify says it earned $10.3 million or nine cents per share for the quarter, compared with an adjusted profit of $4.2 million or four cents per share in the first quarter of 2018.
Analysts on average had expected a loss of five cents per share and $310 million in revenue for the quarter, according to Thomson Reuters Eikon.
Companies in this story: (TSX:SHOP)
The Canadian Press