Last Updated on October 24, 2023 by Ephraim Vecina
In recent years, Canada-based e-commerce firm Shopify has pioneered multiple innovations with its recent push in its delivery and online checkout systems.
Earlier this year, the company announced that it will be doubling its workforce in the Greater Toronto Area to 1,500. This will come amid its 3.2-hectare mixed-use centre in the downtown core, which is slated to begin operations by 2022.
Said facility is an important step in the e-commerce firm’s publicly stated goal to compete with Amazon.com. The end step will be a network of fulfilment warehouses, projected to provide two-day shipping for approximately 99% of Shopify’s North American coverage.
However, while the company has boosted its recent spending to expand its customer network, the price might be too high.
Early trading on Tuesday (October 29) showed a widening of Shopify’s quarterly net loss. The company’s Q3 net loss was US$72.8 million, amounting to 64 cents US a share. This far exceeded the US$23.2 million (22 cents US per share) during the same time a year ago, Bloomberg reported.
Shopify’s Q3 revenue went up by 45% to US$390.6 million, exceeding analysts’ estimate of US$383.8 million for the quarter. Despite the seemingly strong figure, however, this pace was the firm’s slowest Q3 reading so far.
At present, more than one million merchants globally use Shopify, the company stated.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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