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Shopify Q1 Net Loss Narrows as Revenue Advances

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-- Shopify's (SHOP.TO), down 5.5% in U.S. pre-market trade, Tuesday reported a narrower first quarter net loss as revenue increased.

Net loss narrowed to US$581 million, or US$0.45 per share, from US$682 million, or US$0.53 per share, in the prior year period.

Adjusted net income, which excludes the impact of equity investments, rose to US$360 million, from US$226 million.

Revenue jumped 34% to US$3.17 billion, from US$2.36 billion, narrowly beating the US$3.1 billion forecast by analysts polled by FactSet.

Gross merchandise volume (GMV) which represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels, reached slightly above US$1 billion, a statement added.

For the June quarter, Shopify is guiding for revenue to grow at a high-twenties percentage rate and for gross profit dollars to grow at a mid-twenties percentage rate.

"Q1 delivered broad-based growth across geographies, merchant sizes, and channels, with over $100 billion of GMV in the first quarter alone," said chief financial officer Jeff Hoffmeister,. "That is the platform compounding. The durability of this model allows us to invest strategically in growth, both in the merchant-facing tools that drive commerce innovation and in the internal capabilities that let us build and ship faster. "

Shopify shares were last seen down US$6.45, to US$121.10, in New York trade.

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