E-commerce company Shopify reports Q1 loss, revenue up 23% from year ago

OTTAWA — Shopify Inc. reported a loss in its latest quarter as its revenue increased 23 per cent compared with a year ago.

The result for the quarter compared with a profit of US$68 million or five cents US per diluted share in the same quarter last year. The company says its merchants solutions revenue amounted to US$1.35 billion, up from US$1.13 billion a year earlier, while subscription solutions revenue totalled US$511 million, up from US$382 million in the same quarter last year.On an adjusted basis, Shopify says it earned 20 cents US per diluted share in its latest quarter, up from an adjusted profit of a penny US per share in the first quarter of 2023.

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