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Shopify Raises Financial Forecast But Profit Remains Elusive

Shopify Raises Financial Forecast But Profit Remains Elusive

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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.

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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.

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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.

 

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