Shopify Trades Higher On Q2 Earnings Beat
Shopify (NYSE: SHOP) shares are trading higher after the company reported better-than-expected second-quarter earnings and sales results.
The company reported quarterly earnings of 14 cents per share, which may not compare to the analyst consensus estimate of 3 cents.
Shopify reported quarterly sales of $362 million, which beat the analyst consensus estimate of $350.46 million by 3.29%. This is a 47.78% increase over sales of $244.963 million the same period last year. Shopify also issued third-quarter and fiscal year 2019 sales guidance above analyst estimates.
"Our strong performance in the second quarter reflects the success of our ongoing activities and investments to help merchants start selling, sell more, and sell globally," said CFO Amy Shapero. "The appeal of entrepreneurship is universal, which is why more entrepreneurs everywhere are attracted to Shopify. Our powerful yet easy-to-use retail operating system helps level the playing field, providing expansive opportunities for our merchants and Shopify around the world."
Shopify shares were trading up 6.9% at $340 in Thursday’s pre-market session. The stock has a 52-week high of $340.84 and a 52-week low of $117.64.
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