Shopify Inc. says it lost $15.9 million US in its latest quarter as its revenue grew 68 per cent compared with a year ago.
In the wake of the earnings report, shares of Shopify sold off sharply, falling almost eight per cent, or $13.69, to $158.32 in late morning trading on the Toronto Stock Exchange.
The e-commerce software company, which keeps its books in U.S. dollars, says its loss amounted to 16 cents per share for the quarter ended March 31.
That compared with a loss of $13.6 million or 15 cents per share a year ago.
Revenue in the quarter totalled $214.3 million, up from $127.4 million.
Shopify says the increase came as subscription solutions revenue grew 61 per cent to $100.2 million, while merchant solutions revenue climbed 75 per cent to $114.1 million.
On an adjusted basis, Shopify says it earned $4.2 million or four cents per share for the quarter, compared with an adjusted loss of $3.5 million or four cents per share in the same quarter last year.