Losses at Shopify spike despite revenue jump


Despite witnessing a jump in its revenue, Canadian eCommerce software maker, Shopify said its losses for the second quarter widened.

Shopify said in the latest filing that its losses rose to $28.7 million, or 26 cents per share, in the second quarter ended June 30, from about $24.0 million, or 23 cents per share.

While its revenue jumped by 48% to $362 million, expenses rose by 6% to $244.4 million for the quarter.

Spotify said the surge in its expenses was as a result of its marketing expenses to get new customers. Shopify competes with eCommerce giants such as Amazon and eBay.

The startup has spent several million to attract merchants to its tools and websites