OTTAWA –
Shopify Inc. reported a loss in its latest quarter as it recorded an unrealized loss on its equity and other investments, but saw its revenue climb more than 40 per cent compared with a year earlier and beat expectations.
The e-commerce company, which keeps its books in U.S. dollars, posted a net loss of US$371.3 million or US$2.95 per diluted share for the quarter ended Dec. 31, weighed down by a US$509.7-million net unrealized loss on equity and other investments.
The result compared with net income of US$123.9 million or 99 cents per diluted share in the fourth quarter of 2020.
Revenue for the quarter totalled US$1.38 billion, up from US$977.7 million a year earlier.
On an adjusted basis, Shopify earned US$1.36 per diluted share in its most recent quarter compared with an adjusted profit of US$1.58 per diluted share in the fourth quarter of 2020.
Analysts on average had expected an adjusted profit of US$1.24 per share and nearly US$1.33 billion in revenue, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Feb. 16, 2022.
