Canada’s Shopify said its losses for the second quarter of the year rose further as the cost of doing business weighed down on its revenue.
The Montreal-based eCommerce software maker said its net loss for the second quarter of 2018 rose to $24.0 million compared with $14.0 million, or $0.15 per share, for the second quarter of 2017.
Shopify is still not positive about its prospects of posting a profit anytime soon. The company said it expects an operating loss in the range of $9 million to $11 million for the third quarter.
“The diversity of our revenue drivers and of our merchant base contributed to our strong revenue growth this past quarter,” stated Amy Shapero, Shopify’s CFO. “Our mission, our technology and our growth model position us, and our merchants, to thrive in the face of massive changes to retail. We built the Shopify platform to meet the many and varied needs of all types of merchants, whether they are makers or curators, entrepreneurs or household brands.
He added that “This presents us with an expansive opportunity set that we will continue to invest in with a view to even greater success over the long term.”