Stock Alert: Shopify Climbs On Upbeat Earnings Results

(RTTNews) - Shares of Shopify Inc. (SHOP) are gaining more than 14 percent in the morning trade on Wednesday, at $564.47, after the Canada-based e-commerce company reported better-than-expected earnings results for the fourth quarter and also projected fiscal 2020 revenues above analysts' estimates.

The stock has been trading in a range of $169.56 to $593.89 in the past 52 weeks.

Wednesday, Shopify said its net income for the fourth quarter of 2019 was $0.8 million or $0.01 per share, compared with net loss of $1.5 million or $0.01 per share in the prior-year quarter. Adjusted earnings for the quarter were $0.43 per share, compared with $0.27 per share in the year-ago period. Total revenue for the quarter surged 47 percent to $505.2 million from $343.86 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter on revenues of $482.05 million. Analysts' estimates typically exclude special items.

For fiscal 2020, Shopify projects revenues in a range of $2.13 billion to $2.16 billion. The Street expects revenues of $2.11 billion for the year.