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Shopify significantly outpaced consensus forecasts in its second quarter for both revenues and earnings.
The Ottawa firm Tuesday reported revenues had climbed 75 per cent year over year to $151.7 million compared to consensus estimates of $143.6 million (all figures U.S.) while the company’s operating loss came in at $15.9 million versus previous company guidance of $18 million to $20 million.
The e-commerce software company Tuesday upped its expectations for the year as a whole.
It is now forecasting revenues for the year will be $642 million to $648 million compared to analysts’ consensus estimates of $628.4 million.
Shopify chief financial officer Russell Jones attributed the better-than-expected results to the firm’s ability to anticipate the online retail industry’s shifts into multiple channels using mobile technology, along with the addition of larger customers.
“We feel we are exceptionally well-positioned for the next several years,” Jones said.
Meanwhile, Shopify announced Tuesday that Jones had informed the board of directors of his intention to retire in 2018. Jones, a former employee of Newbridge Networks and other technology firms, joined Shopify in 2011. On his watch, the company has beat analysts’ estimates all nine times it has reported since it first issued shares to the public in 2015.
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The Ottawa firm Tuesday reported revenues had climbed 75 per cent year over year to $151.7 million compared to consensus estimates of $143.6 million (all figures U.S.) while the company’s operating loss came in at $15.9 million versus previous company guidance of $18 million to $20 million.
The e-commerce software company Tuesday upped its expectations for the year as a whole.
It is now forecasting revenues for the year will be $642 million to $648 million compared to analysts’ consensus estimates of $628.4 million.
Shopify chief financial officer Russell Jones attributed the better-than-expected results to the firm’s ability to anticipate the online retail industry’s shifts into multiple channels using mobile technology, along with the addition of larger customers.
“We feel we are exceptionally well-positioned for the next several years,” Jones said.
Meanwhile, Shopify announced Tuesday that Jones had informed the board of directors of his intention to retire in 2018. Jones, a former employee of Newbridge Networks and other technology firms, joined Shopify in 2011. On his watch, the company has beat analysts’ estimates all nine times it has reported since it first issued shares to the public in 2015.
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