Shopify Q2 Profit Rises, Sees Q3 Revenue Growth In Low-Thirties; Shares Up In Pre-market

(RTTNews) - Shares of Shopify Inc. (SHOP, SHOP.TO) were gaining around 22 percent in pre-market on Wednesday, after the company reported a rise in second-quarter net income that accelerated from a year earlier.

Further, the company projected low-thirties percentage revenue growth for the third quarter.

In the quarter ended June 30, net income increased to $1.50 billion from $906 million a year ago.

Operating income grew to $488 million from $291 million in the previous year.

Quarterly revenue rose 34 percent to $3.58 billion from $2.68 billion in the same period last year.

"This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow," said Harley Finkelstein, President of Shopify.

Looking ahead to the third quarter, Shopify expects revenue to grow at a low-thirties percentage rate on a year-over-year basis. The company also expects operating expenses as a percentage of revenue to be 33% to 34%.

In pre-market activity on the Nasdaq, shares of Shopify were up 22.63 percent, changing hands at $151.20, after closing Tuesday's regular session 5.38 percent higher.

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