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Shopify 1Q Revenue Growth Drives Better-Than-Expected Adjusted Profit


By Matt Grossman
Shopify Inc. Wednesday posted a greater-than-expected first-quarter adjusted profit as revenue more than doubled year over year.
The Ottawa, Ontario-based e-commerce platform logged first-quarter net income attributable to shareholders of $9.94 a share, compared with a loss of 27 cents a share in the same three-month period a year earlier. The company s net income was $1.26 billion, compared with a loss of $31.4 million a year earlier.
The company s net income included an unrealized gain on equity and other investments of $1.25 billion, or $10.15 a share. Accounting for that and other one-time items, on an adjusted basis, Shopify s net income was $2.01 a share. Analysts were expecting an adjusted profit of 74 cents a share, according to FactSet ....

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