Sales soar, losses remain stable at Ottawa's Shopify Inc.

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Sales for Ottawa’s latest tech darling Shopify Inc., soared by more than 93 per cent during the three months ended Sept. 30, the company reported Wednesday.

The company released third-quarter financial statements showing sales for the three-month period between July and September hit $52.8 million, up from $27.3 million during the same quarter one year ago. The company said it now has more than 200,000 shops online using its services.

The company reported a net loss during the quarter of $4.7 million, a slight increase over the $3.4 million in losses it reported during the same quarter last year.

Shopify offers customers the ability to quickly set up and manage online stores, without needing any expertise in building or managing websites. The company’s offerings help users with everything from inventory management and bookkeeping through to payment processing and even delivery services to help online shops move their product.

Shopify is holding a press conference to discuss its latest financial statements on Wednesday morning.

More to come.

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