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Shopify Inc (NYSE:SHOP) shares are trading higher Thursday after the company reported better-than-expected financial results and announced plans to sell its logistics business.
What Happened: Shopify said first-quarter revenue increased 25% year-over-year to $1.51 billion, which beat the estimates of $1.43 billion, according to Benzinga Pro. The company reported adjusted earnings of 1 cent per share, which came in ahead of estimates for a loss of 4 cents per share.
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Gross merchandise volume increased 15% year-over-year to $49.6 billion. Gross payments volume grew to $27.5 billion, up 51% year-over-year.
Free cash flow totaled $86 million in the first quarter. Shopify ended the quarter with $4.9 billion in cash and marketable securities.
Shopify expects second-quarter revenue to grow at a similar rate as in the first quarter. Gross margin is also expected to be in the same range as in the first quarter.
Shopify also announced that it entered into a definitive agreement to sell the majority of its logistics business to Flexport. In return, Shopify will receive stock representing a 13% equity interest in the global logistics platform company. The transaction is expected to close in the second quarter.
"The changes we're announcing today will ensure we keep pace with the high velocity of change before us, delivering the cutting-edge solutions our customers have come to expect from Shopify," said Harley Finkelstein, president of Shopify.
SHOP Price Action: Shopify shares were up 17.1% at $54.16 at the time of publication, according to Benzinga Pro.
Photo: Open Grid Scheduler from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.