Gross merchandise volume up 23% yr/yr (Il Sole 24 Ore Radiocor) - Toronto, 08 May - Canadian online retailer Shopify said that in the first quarter it posted a diluted loss per share of 0.21 US dollar compared with a profit of 0.05 dollars.

The company said that gross merchandise volume increased 23% year on year to 60.9 billion dollars and revenue also grew 23% to 1.9 billion.

Gross profit dollars grew 33% to 957 million dollars.

Free cash flow was 232 million dollars compared 86 million in the prior year.

Cash and marketable securities were 5.2 billion dollars as of March 31. Shopify had a net cash position of 4.3 billion dollars after consideration of its outstanding convertible notes.

For the second quarter of 2024, Shopify expects revenue to grow at a high-teens percentage rate on a year-over-year basis, which translates into a year-over-year growth rate in the low-to-mid-twenties when adjusting for the 300-400 basis points impact from the sale of the logistics businesses.

Gross margin is expected to decrease by approximately 50 basis points compared to the first quarter of 2024.

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(RADIOCOR) 08-05-24 15:49:21 (0524) 5 NNNN