Shopify beats quarterly revenue estimates on higher sales

Shopify beats quarterly revenue estimates on higher sales

Canada's Shopify Inc beat Wall Street estimates for quarterly revenue on Wednesday, boosted by Black Friday and Cyber Monday sales on the e-commerce platform.

The logo of Shopify is seen outside its headquarters in Ottawa
The logo of Shopify is seen outside its headquarters in Ottawa, Ontario, Canada, September 28, 2018. REUTERS/Chris Wattie

REUTERS: Canada's Shopify Inc beat Wall Street estimates for quarterly revenue on Wednesday, boosted by Black Friday and Cyber Monday sales on the e-commerce platform.

The company's total revenue rose 47per cent to US$505.2 million in the fourth quarter ended Dec. 31, from US$343.9 million a year earlier. Analysts were expecting revenue of about US$482 million, according to IBES data from Refinitiv.

The company posted net income of US$771,000, or 1 cent a share, from a loss of US$1.5 million, or 1 cent per share, a year ago.

(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Shinjini Ganguli)

Source: Reuters

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