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Shopify Reports Q1 Earnings Beat, Subs Revenue Grows 34%

Shopify Reports Q1 Earnings Beat, Subs Revenue Grows 34%

Shopify (NYSE: SHOP) reported quarterly earnings of 19 cents per share on Wednesday, which does not compare to the analyst consensus estimate that called for a loss of 18 cents. This is an increase over earnings of 9 cents per share from the same period last year.

The company reported quarterly sales of $470 million, which beat the analyst consensus estimate of $443.11 million by 6%. This is a 46.6% increase over sales of $320.482 million the same period last year.

Shopify subscription solutions revenue grew 34% to $187.6 million.

"The vast majority of people are employed by small businesses, and they struggle the most during a crisis," said CEO Tobi Lütke. "The spread of COVID-19 is going to be a tough time for all entrepreneurs. We are working as fast as we can to support our merchants by re-tooling our products to help them adapt to this new reality. Our goal is that, because Shopify exists, more entrepreneurs and small businesses will get through this."

Shopify shares were trading down 1.88% at $673.21 in Wednesday’s pre-market session. The stock has a 52-week range between $704.69 and $242.23.

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