Shopify Inc. posted a quarterly loss as brick-and-mortar shopping outpaced online shopping in the second quarter.
The Ottawa-based tech company says it lost $1.2 billion or 95 cents per diluted share, compared to earnings of $879.1 million and 69 cents per diluted share a year earlier.
The company says the loss includes a net unrealized loss of $1 billion on stocks and other investments, while the second quarter of 2021 includes a net unrealized gain of about $800 million from equity and other investments.
Shopify, which reports in US dollars, says its adjusted net loss for the second quarter was $38.5 million, or three cents per diluted share, compared to earnings of $284.6 million, or 22 cents per diluted share in 2021. .
Revenue for the three months ended June 30 increased 16 percent to $1.3 billion, compared to $1.12 billion in the year-ago quarter.
Shopify Chief Financial Officer Amy Shapero says commerce through “offline channels” grew faster in the second quarter, where the company’s exposure is lower but growing.
“We continued to see increasing adoption of our solutions, enabling our vendors to remain agile in a challenging macro environment and highlighting the breadth and resilience of our business model,” she said in a statement.
“We have recalibrated our team to build for long-term success, and we will continue to operate with rigorous discipline and invest carefully in the huge opportunity ahead.”
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