Shopify reports third-quarter loss, revenue up 22 per cent from year ago

OTTAWA –

Shopify Inc. reported a net loss of US$158.4 million in its latest quarter compared with a net profit of nearly US$1.15 billion a year ago.

The e-commerce software company, which keeps its books in U.S. dollars, says the loss amounted to 12 cents per diluted share for the quarter ended Sept. 30 compared with a profit of 90 cents per diluted share a year earlier.

Shopify says its net loss for the quarter included a US$171.9-million net gain on its equity and other investments, while its results a year ago included a US$1.3-billion net unrealized gain from equity and other investments.

Revenue in what was the company’s third quarter totalled nearly US$1.37 billion, up from US$1.12 billion in the same quarter last year.

The increase in revenue came as subscription revenue rose to US$376.3 million compared with US$336.2 million a year ago, while merchant solutions revenue amounted to US$989.9 million, up from US$787.5 million.

On an adjusted basis, Shopify says it had a net loss of US$30.0 million or two cents per diluted share in its latest quarter, compared with adjusted net income of US$102.8 million or eight cents per diluted share for the third quarter of 2021.

This report by The Canadian Press was first published Oct. 27, 2022

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