Shopify Inc (NYSE:SHOP) stock was down on Tuesday following the release of its earnings report for the first quarter of 2018.
The blow to SHOP stock comes from its net loss of $15.90 million reported in the first quarter of the year. This is a wider net loss than the $13.60 million that was reported by Shopify Inc in the first quarter of 2017.
Shopify Inc also saw its operating loss for the first quarter of 2018 grow wider. The e-commerce company’s operating loss for the period came in at $20.33 million. Operating loss reported in the same period of the year prior was $14.46 million.
Despite all this bad news for SHOP stock, the company did post earnings per share of 4 cents for the first quarter of the year. This is better than its losses per share of 4 cents from the same quarter of the previous year. It also comes in well above Wall Street’s losses per share estimate of 5 cents for the period.
Revenue reported by Shopify Inc for the first quarter of 2018 came in at $214.34 million. This is an increase over its revenue of $217.38 million that was reported for the same time last year. It also beat out analysts’ revenue estimate of $202.17 million for the quarter.
Shopify Inc also notes that it is expecting revenue for the full year of 2018 to range from $1.00 billion to $1.01 billion. If this holds true, then the company will report 2018 revenue that its above Wall Street’s estimate of $997.58 million for the year.
SHOP stock was down 7% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
