Shopify reported fourth-quarter sales that beat analysts’ expectations in a sign the e-commerce platform’s turnaround is gaining traction.
Shopify Inc. fell in after-hours trading after giving a sales outlook for the start of the year that fell short of analyst estimates, a sign that the company faces an uneven recovery from last year’s rout.
Chief Executive Officer Tobias Lütke is working to recover from a misplaced bet that the pandemic-fueled surge in online shopping would become permanent. Though he’s cut jobs, raised prices and expanded offerings to merchants, the stock is a long way from a full recovery after losing about three-quarters of its value last year.
New Chief Financial Officer Jeff Hoffmeister implemented price increases for new merchants in January and existing ones three months later. Wall Street mostly welcomed the change, even as consumers face inflation pressures and a rocky economic backdrop. The company cut about 1,000 jobs last July, making it an early mover in a wave of reductions that continue to roil the tech industry. It’s since introduced new measures to improve services for its small-business customers, build out offerings for larger customers while spending for growth in delivery. Shopify rolled out new marketing, sales, and hardware tools to help merchants attract more buyers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shopify's early job cuts fuel rebound in earnings, stock price - BNN BloombergShopify Inc. was among the first technology giants to slash its workforce during last year’s market rout. Now, some investors say its stock is poised to outperform peers over the course of 2023 as those job cuts translate into lower costs, narrower losses and better cash flow.
Read more »
Airbnb's sales forecast tops estimates on strong travel demand - BNN BloombergAirbnb gave an outlook for revenue in the first quarter that beat analysts’ estimates, signaling that travel demand remains robust even after a record year for growth in 2022. The shares jumped more than eight per cent in extended trading.
Read more »
Worst January for home sales since 2009, CREA reports - BNN BloombergThe Canadian Real Estate Association says homes sales in January were the lowest for the month since 2009 and fell 37.1 per cent compared with a year ago.
Read more »
Experts react to January home sales, which dropped 37.1% - BNN BloombergCanadian home sales were down 37.1 per cent in January compared with a year earlier, according to new figures from The Canadian Real Estate Association. Here's what experts are saying about the latest Canadian home sales.
Read more »
Ontario Power Generation buying GM Canada's former head office building - BNN BloombergOntario Power Generation says it has signed a deal to buy the former head office building for General Motors of Canada in Oshawa, Ont., and plans to use it for its own corporate headquarters.
Read more »
Canada orders telecom regulator to focus on bringing costs down - BNN BloombergPrime Minister Justin Trudeau's government ordered Canada’s telecommunications regulator to focus on making internet access more affordable for consumers, a policy shift to help smaller firms compete with major providers.
Read more »