Shopify Doubles Revenue, Does Not Expect to Be Profitable This Year

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Shopify generated $45 million during its first quarter as a public company.

While the Ottawa-based firm still reported a net loss of $3.3 million, the revenue is doubled from the year-ago quarter.

Shopify expects revenue to rise to up to $48 million in the next quarter but still anticipates a net loss of around $7 million.

For all of 2015, the company forecasts generating $182 million in revenue, losing $22 million. Shopify posted $105 million in revenue in 2014.

Harley Finkelstein, the company’s chief platform officer, told CBC News that “we want to build a company for the next 100 years,” which is not common among Canadian companies, who often get acquired by larger US firms before ever approaching IPO territory.

Named one of the most innovative companies in Canada, Shopify won Employer of the Year in the 2014 Canadian Startup Awards.

Shopify now houses 140,000 stores, up from 80,000 in 2013. Those stores registered an impressive $3.7 billion in sales, up from $1.6 billion in 2013.

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