The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
OTTAWA, Canada — Shopify Inc, which helps companies build their online stores, reported a bigger quarterly loss on Tuesday as marketing and research costs surged.
The company has been investing heavily in upgrading and introducing technologies to attract big and small merchants.
Total operating expenses at the Ottawa-based Shopify, which rivals seasoned software vendors such as Salesforce.com and Adobe Systems in the e-commerce solutions market, rose 63.2 percent to $167.7 million in the second quarter.
Subscription revenue jumped 54.6 percent to $110.7 million as more merchants joined the company's platform, driving up total revenue 61.5 percent to $245.0 million.
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Gross merchandise volume (GMV), a widely watched figure for the e-commerce industry's performance, rose 56 percent.
Shopify's net loss widened to $24 million, or 23 cents per share, in the second quarter ended June 30, from $14 million, or 15 cents per share, a year earlier.
The company's US-listed shares were marginally down premarket at $147.40. They had closed at $148.08 on Monday.
By Akshara P; editors: by Shounak Dasgupta and Sriraj Kalluvila.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.