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Shopify Q1 loss widens 97.1% YOY

Shopify Inc. said its normalized net income for the first quarter came to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share loss narrowed year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.6 million, compared with a loss of $2.8 million in the year-earlier period.

The normalized profit margin fell to negative 7.7% from negative 7.6% in the year-earlier period.

Total revenue grew 94.7% on an annual basis to $72.7 million from $37.3 million, and total operating expenses grew on an annual basis to $82.4 million from $40.8 million.

Reported net income totaled a loss of $8.9 million, or a loss of 11 cents per share, compared to a loss of $4.5 million, or a loss of 12 cents per share, in the year-earlier period.