(Photo: Justin Tang for The Canadian Press)
Shopify’s (SHOP) profit jumped to US $ 1.26 billion in its most recent quarter, as the ecommerce specialist reaped the rewards of an equity stake in a buy now and pay later ”.
Ottawa-based Shopify said its profit was up sharply from the net loss of US $ 31.4 million in the first quarter of last year.
She attributed the improvement to an unrealized gain of US $ 1.3 billion related to an investment in payments company Affirm, which made an initial public offering in January.
Net income for the quarter ended March 31 was US $ 9.94 per share, compared to a loss of 27 US cents per share for the same period a year earlier.
Quarterly revenue reached US $ 988.6 million, which was up 110% from revenue of US $ 470 million in the first quarter of last year.
On an adjusted basis, Shopify reported earnings of US $ 254.1 million, or US $ 2.01 per share, compared to adjusted earnings of US $ 22.3 million, or 19 US cents per share, one year earlier.