Canadian e-commerce company Shopify Inc logo is shown on a computer screen in the illustration photo in Encinitas, California May 3, 2016. REUTERS/Mike Blake/File Photo
August 1, 2017
(Reuters) – Canadian e-commerce company Shopify Inc <SHOP.TO>, <SHOP.N> on Tuesday reported a bigger quarterly loss compared to a year earlier as it spent more on acquiring new merchants.
The company’s net loss widened to $14 million or 15 cents per share in the second quarter ended June 30, from $8.4 million or 10 cents per share, a year earlier.
Revenue surged to $151.7 million from $86.6 million.
Ottawa-based Shopify is growing rapidly but is not yet profitable, as it focuses on investments to garner market share in the burgeoning market for online commerce.
(Reporting by Ahmed Farhatha in Bangalore and Alastair Sharp in Toronto; Editing by Sai Sachin Ravikumar)