Shopify Inc (TSX:SH., NYSE:SHOP) will report its second quarter 2023 financial results after markets close on August 2, 2023, with the Canadian e-commerce firm expected to record adjusted earnings of $0.06 per share, compared with an adjusted loss of $0.03 per share a year earlier, according to Zacks Investment Research.
Revenue for the period, meanwhile, is anticipated to rise 25% year-over-year to $1.62 billion.
During its last reported quarter (1Q), Shopify surpassed analyst estimates with revenue of $1.5 billion, versus the $1.4 billion expected, along with adjusted earnings per share (EPS) of $0.01 compared to the loss of $0.04 per share expected by analysts.
At the time, the company announced plans to cut 20% of its workforce and, in a surprise move, revealed that it had sold its delivery and logistics business to Flexport, a freight forwarder.
Shopify also stated in May that it expects revenue to increase at a similar rate to its first quarter growth on a year-over-year basis.
Shares of Shopify rose 2.5% to US$66.30 in late-morning trading Thursday on the NYSE, while gaining 86% year to date.
Contact Sean at sean@proactiveinvestors.com