Shopify’s stock soared 6% today after it posted a quarterly earnings that impressed investors.
The Ottawa company booked revenue of $130 million USD in the fourth quarter, an increase of 86% over the same quarter a year prior and ahead of expectations.
Losses rose from $6 million to $9 million because of increased expenses, but that didn’t slow the company’s stock from soaring above $5 billion valuation for the first time.
Shopify says it expects to earn revenue upward of $600 million this year, which would be a year-over-year increase of almost 50%.
The Canadian ecommerce company now has 378,000 merchants using its platform.