With revenue rising by 93% to $87 million last quarter, Shopify is in a comfortable position. The Ottawa-based ecommerce platform, which now has more than 300,000 customers, went so far as to bump up its annual revenue forecast for the second time this year.
Investors were pleased, spurring a spike in the Canadian company’s stock price. However, profit remains elusive: it expects to lose around $40 million this year.
Shopify believes it will generate about $365 million in revenue 2016. Its original forecast at the beginning of the year was $330, which was later revised to $347 million.