(Shopify) Shares of Shopify traded 17% lower on Thursday after posting a revenue of $1.2 billion in the first quarter of the year, below estimates of $1.24 billion. The revenues were 22% higher than the prior year.
Shopify said that its Monthly Recurring Revenue was $105.2 million, an increase of 17% from the prior year.
In the quarter, Shopify reported a Gross Merchandise Volume of $43.2 billion, reflecting a two-year compound annual growth rate of 57%. The GMV is an increase of 16% from the first quarter of last year but missed estimates of $46.5 billion.
Shopify’s gross profit increased by 14% to $637.6 million in the quarter, compared to $558.7 million in the prior year.
The company plunged into a net loss of $1.5 billion or $11.70 per basic and diluted share loss from a net income of $1.3 billion or $9.94 per diluted share in the prior year.
Shopify also confirmed that it would acquire Deliverr, a logistics start-up, for $2.1 billion in both stock and cash.
SHOP: NYSE is down -17.59%
