Shopify

Canadian e-commerce firm Shopify Inc. will cut about 10% of its workforce Tuesday, as Chief Executive Officer Tobi Lutke acknowledged the company's decision ...

Shares of Canadian ecommerce platform fall 15% as it pares back workforce amid retail woes.

Canadian ecommerce firm Shopify Inc. is cutting about 10% of its workforce. The Shopify cuts come with acknowledgment from CEO Tobi Lutke that the company's ...

Shopify was among the hottest pandemic stocks in 2020 and 2021 as online shopping boomed. It came crashing down this year, hampered by an economic cool-down and an easing of COVID-19 restrictions. Canadian ecommerce firm Shopify Inc. is cutting about 10% of its workforce.

Canada's Shopify Inc is laying off 10% of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after ...

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The company is expecting operating losses will 'materially increase' in the third quarter from the second quarter.

Yearly revenue growth was negatively impacted by about 1.5 percentage points tied to foreign exchange headwinds. ) reported a second-quarter adjusted net loss of $38.5 million, or 3 cents a share, missing estimates calling for $30 million in adjusted net income, or 2 cents a share. Shopify

Shopify Inc. slumped in premarket trading after the company kicked off earnings season for e-commerce firms with a result that missed analysts' estimates.

It also said the outlook is getting worse. Shopify Inc. slumped in premarket trading after the company kicked off earnings season for e-commerce firms with a result that missed analysts’ estimates.

Canada's Shopify Inc on Wednesday warned of an adjusted operating loss for the second half of the year, blaming higher costs and expenses related to the ...

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Shopify has released its earnings for the second quarter of 2022.

Then, in the fourth quarter and year-end results Shopify continued to see more limited revenue growth and lowered its 2022 forecast. “We now expect 2022 will end up being different, more of a transition year, in which ecommerce has largely reset to the pre-COVID trend line and is now pressured by persistent high inflation.” Shopify reported a net loss for the second quarter of $1.2 billion compared with a net income of around $900,000 million during the same period last year. While the company still saw a 21 percent year-over-year (YoY) increase in revenue last quarter, pulling in $1.2 billion, that number was much smaller than previous YoY growth. GMV for this quarter reached $46.9 billion, representing an 11 percent YoY increase. The second quarter results mirror those from the first quarter of this year, continuing a pattern of slower revenue growth. Shopify reported that 53 percent of that GMV was bolstered by gross payments volume, which was $24.9 billion in the quarter compared to $20.3 billion in the same quarter last year when it accounted for 48 percent of GMV. The layoff amounts to approximately 1,000 employees. The revenue number represents just a 16 percent year-over-year increase. The company also highlighted its gross merchandise volume (GMV) claiming that merchant GMV “continued to outpace the growth of the broader U.S. online and offline retail markets as consumers shopped across more surfaces.” The slowing of growth began in the third quarter of last year as Shopify started to see less bloated YoY growth numbers. Shopify claimed that merchant GMV “continued to outpace the growth of the broader U.S. online and offline retail markets as consumers shopped across more surfaces.”

Merchants trust Shopify with more parts of their business in Q2 as GMV growth outpaces market.

Although Shopify believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that actual results will be consistent with these forward-looking statements. As we decelerate operating expense growth into the fourth quarter, and with its higher seasonal GMV and revenue, we expect an adjusted operating loss in the fourth quarter that is significantly smaller than in the third quarter, but larger than in the second quarter. Shopify believes that these non-GAAP measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. This press release contains certain forward-looking statements within the meaning of applicable securities laws, including Shopify’s planned business initiatives and operations and outlook, the performance of Shopify's merchants, the impact of Shopify's business on its merchants and other entrepreneurs, and economic activity and consumer spending. Second-quarter 2022 net loss includes a $1.0 billion net unrealized loss on our equity and other investments, while our net income in the second quarter of 2021 included a $0.8 billion net unrealized gain from equity and other investments. Shopify is a leading provider of essential internet infrastructure for commerce, offering trusted tools to start, grow, market, and manage a retail business of any size. We now expect 2022 will end up being different, more of a transition year, in which ecommerce has largely reset to the pre-COVID trend line and is now pressured by persistent high inflation. - Shopify partnered with YouTube to launch YouTube Shopping, enabling Shopify’s millions of merchants around the world to reach YouTube’s over two billion monthly logged-in users. - Gross Merchandise Volume2 ("GMV") for the second quarter was $46.9 billion, which represents a three- year compound annual growth rate of 50% and an increase of $4.7 billion, or 11% over the second quarter of 2021. We completed the rollout of Shopify’s warehouse management system to our fulfillment network and introduced our delivery badge, Shop Promise, into early access which will enable merchants to offer buyers visibility into when they will receive their orders. MRR increased 13% year over year, up from $95.1 million as of June 30, 2021 as more merchants joined the platform and the number of retail locations using POS Pro increased. Our track record of prudent capital allocation toward opportunities that significantly expand the opportunity set for merchants, accelerate our product roadmap, or have strong paybacks from improved operating efficiency has served Shopify and our merchants well.

A day after announcing it would conduct steep layoffs, Shopify Inc. swung to a loss and issued more cautious commentary about the way inflation was ...

The company had said in conjunction with its prior earnings report that it planned to reinvest all of its gross-profit dollars back into the business. The company posted a comprehensive loss of $1.21 billion, or 95 cents a share, whereas it notched comprehensive income of $876 million, or 69 cents a share, in the year-earlier quarter. In a blog post announcing the plan to cut 10% of the workforce, Shopify Chief Executive Tobi Lütke said that Shopify had tried to “expand the company to match” expectations that the pandemic would permanently accelerate the mix of e-commerce spending by five to 10 years, when in reality those targets proved too optimistic. The company sounded more cautious than before in the forward-looking commentary it offered in the release, with the company noting that the new “outlook supersedes all prior statements made by Shopify.” Shopify also anticipates to record an adjusted operating loss for the second half of the year, with the loss for the third quarter expected to “materially increase” versus what was seen in the second quarter, in part due to “time needed for the streamlining of our operations to take effect.” Analysts tracked by FactSet were expecting 2 cents in adjusted EPS.

CANADA'S Shopify on Wednesday (Jul 27) warned of an adjusted operating loss for the second half of the year, blaming higher costs and expenses related to ...

Shopify warned that inflation and rising interest rates would weigh on consumer spending for the remainder of 2022.

Shopify CFO Amy Shapero said on a conference call with analysts Wednesday that, for the remainder of 2022, the company intends "to slow hiring to only the most strategic." Shopify also said it expects to generate an adjusted operating loss for the second half of 2022. Amazon is set to report second-quarter results on Thursday, and Etsy will report results on Wednesday after market close. The Canadian company, which helps business owners set up a store online, was a Covid-19 pandemic darling. - Earnings: A loss of 3 cents per share, adjusted, vs. Executives' commentary around efforts to curb spending, while continuing to take market share in e-commerce, may have allayed some investors' fears, Forte added.

Shopify said Tuesday it's laying off 10% of staff as growth prospects for the e-commerce platform — following a pandemic-driven boom — aren't panning out ...

As a consequence, we have to say goodbye to some of you today and I'm deeply sorry for that." "So, while growth is slowing, revenue continues to rise and they are among the best positioned firms in e-commerce after Amazon." The layoffs don't mean total doom and gloom for Shopify, however. Lütke said he expected business to continue to grow even after retail stores began to reopen and that he and other company officials bet the company's immediate future on that growth. Lütke said growth was steady and predictable just before the coronavirus pandemic began. Lütke said Shopify is "also eliminating over-specialized and duplicate roles as well as some groups that were convenient to have but too far removed from building products."

Shopify pointed to higher costs related a recent acquisition and increased pressure from inflation on the e-commerce market as dragging down earnings in the ...

On an adjusted basis, Shopify reported a loss of three cents per share, while analysts’ on average had expected a profit of two cents. For the second quarter ended June 30, the company posted a net loss of US$1.20 billion, or 95 cents per share, compared with a profit of US$879.1 million, or 69 cents per share, a year earlier. Canada’s Shopify Inc on Wednesday warned of an adjusted operating loss for the second half of the year, blaming higher costs and expenses related to the integration of e-commerce fulfilment company Deliverr.