Shopify posted a surprise quarterly profit that sent shares up 7 per cent
Shopify Inc raised its 2019 earnings forecast and posted a surprise quarterly profit on Tuesday on strong demand for its software that helps retailers sell goods online, sending its shares up 7 per cent to a record high.
Shopify, founded a little over a decade ago as an online store to sell snowboard equipment, makes its money by charging online merchants a monthly fee for using its technology and helping them run their online businesses. The Ottawa-based company said it now expects full-year adjusted operating income of US$20 million to US$30 million, above the US$10 million to US$20 million it forecast earlier.
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