Canadian e-commerce company Shopify (SHOP) has reported a second-quarter net loss of $1.3 billion U.S.
The Ottawa-based company said the Q2 loss was 8% greater than the net loss of $1.2 billion U.S. it booked a year earlier.
Shopify attributed the poor result to restructuring costs, saying it laid off 20% of its workforce and sold its logistics business called Flexport in this year’s second quarter.
The latest financial loss equated to $1.02 U.S. per share compared with a loss of $0.95 U.S. per share in Q2 2022.
The net loss was much worse than analysts had been expecting. According to Refinitiv data, analysts expected Shopify to post a net loss of $0.46 U.S. per share.
The company's revenue in Q2 of this year totaled $1.7 billion U.S., up 30% from $1.3 billion U.S. in the same quarter a year earlier.
Shopify’s stock fell 7% following the latest earnings release to trade at $83.39 per share. Over the last 12 months, the company’s share price has risen 55%.
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