This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI6Q0GM_L.jpg
Shopify was among the big winners during the pandemic when many brick-and-mortar retailers shackled by pandemic-related lockdowns flocked to its infrastructure to set up stores online to sell their products.
Since then growth has plummeted as consumers started returning to physical stores following easing of COVID restrictions. Its shares have lost more than 70% of its value so far in the year.
The company posted a net loss of $1.20 billion, or 95 cents per share, for the second quarter ended June 30, compared with a profit of $879.1 million, or 69 cents per share, a year earlier.
The loss also included a $1 billion net unrealized loss on its equity and other investments, Shopify said.
However, revenue rose 16% to $1.3 billion, in line with analysts’ average estimate of $1.33 billion, according to Refinitiv IBES data.
