Shopify looks to hol­i­day sea­son

The Guardian (Charlottetown) - - BUSINESS -

Shopify Inc. ex­pects to in­crease spend­ing in the fi­nal half of the year as the ecom­merce soft­ware maker pre­pares for a surge of busi­ness lead­ing up to Christ­mas shop­ping sea­son. The Ot­tawa-based tech­nol­ogy com­pany, which made its de­but as a pub­licly traded com­pany in May, de­liv­ered its sec­ond quar­ter re­sults on Thurs­day which showed a loss of US$3.3 mil­lion on higher costs as rev­enue nearly dou­bled. The com­pany, which keeps its books in U.S. dol­lars, said the loss amounted to six cents per share for the quar­ter ended June 30 com­pared with a loss of $6.9 mil­lion or 18 cents per share a year ago. Rev­enue im­proved to $44.9 mil­lion from $23.7 mil­lion. Shares of the com­pany jumped 11 per cent to close at $49.50 on the Toronto Stock Ex­change as in­vestors re­sponded pos­i­tively to the re­sults. Shopify ( TSX:SH), which helps con­nect busi­nesses to the online shop­ping world with its soft­ware plat­forms, said its cus­tomer base has grown by 13,000 mem­bers since it went public two months ago. Over­all, it had about 175,000 busi­nesses us­ing its ser­vice at the end of the quar­ter.

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