Canadian e-commerce company Shopify Inc. (SHOP, SHOP.TO) reported Thursday wider net loss in its first quarter, while operating income surged with growth in revenues.
Looking ahead for the second quarter, the company expects gross profit to grow at a high-teens percentage rate, and revenue to grow at a mid-twenties percentage rate on a year-over-year basis.
In the pre-market activity on the Nasdaq, Shopify shares were losing around 8.5 percent to trade at $86.52.
In the first quarter, net loss widened to $682 million from last year's loss of $273 million.
Net income excluding the impact of equity investments was $226 million, compared to $144 million a year ago.
Operating income grew 131 percent to $203 million from $86 million in the prior year.
Revenue grew 27 percent to $2.36 billion from $1.86 billion a year ago. Gross Merchandise Volume or GMV increased 23 percent.
The Wall Street analysts on average expected revenues of $2.33 billion for the quarter. Analysts' estimates typically exclude special items.
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