Shopify (NYSE:SHOP) earnings for first quarter of 2020 have SHOP stock taking off on Wednesday. That’s thanks to adjusted earnings per share (EPS) of 19 cents, which is a surprise profit over the loss of 18 cents per share Wall Street was expecting. The e-commerce company’s reported revenue of $470 million also blew past analysts’ estimates of $443.11 million.
Here’s what else is worth noting from the most recent Shopify earnings report.
- Adjusted per-share earnings grew 166.7% from 6 cents in the first quarter of 2019.
- Revenue for the quarter is sitting 46.7% higher than the $320.48 million reported during the same time last year.
- Operating loss of $73.23 million is 104.6% wider year-over-year compared to $35.79 million.
- The Shopify earnings report also has it reporting a net loss of $31.43 million.
- This is 30.2% worse than its net loss of $24.15 million from the same period of the year prior.
Amy Shapero, CFO of Shopify, said this the in the earnings report:
“We are well positioned to help our merchants, particularly given the accelerated shift to online commerce. Our strong balance sheet provides us with the flexibility to continue investing in the right merchant-first initiatives, supporting our merchants’ success now and well into the future.”
Shopify still isn’t providing guidance for 2020. The company withdrew its guidance back in April due to the novel coronavirus. It is continuing to monitor the situation as the coronavirus pandemic continues.
SHOP stock was up 6.9% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.