OTTAWA, Ontario (AP) _ Shopify Inc. (SHOP) on Wednesday reported second-quarter net income of $36 million, after reporting a loss in the same period a year earlier.
The Ottawa, Ontario-based company said it had profit of 29 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.05 per share.
The results surpassed Wall Street expectations. The average estimate of 29 analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The cloud-based commerce company posted revenue of $714.3 million in the period, also topping Street forecasts. Twenty-eight analysts surveyed by Zacks expected $507.9 million.
Shopify shares have more than doubled since the beginning of the year. The stock has more than tripled in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHOP at https://www.zacks.com/ap/SHOP
The Associated Press
