Shopify Jumps As Quarterly Results Beat The Street

(RTTNews) - Shares of Shopify Inc. (SHOP) are rising more than 27% Thursday morning after the company reported first-quarter results, which came in above the Street view. The company also said it would cut 20% of its workforce.

Shopify reported net income of $68 million or $0.05 per share, compared with net loss of $1.474 billion or $1.17 per share last year.

Excluding one-time items, net income was $12 million or $0.01 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.04 loss per share.

Revenue increased 25% year-on-year to $1.508 billion. The consensus estimate was for $1.43 billion.

SHOP is at $58.89 currently. It has traded in the range of $23.63-$57.40 in the last 52 weeks.