Shopify looks to holiday season
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.