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Company News

BUZZ-Shopify: Slower growth rate pulls shares down

** Shares of Canada-based online retailing services provider down 7.5 pct at C$159.23 after co reports slower Q1 growth rate

** U.S.-listed shares down 8.1 pct; both shares set for biggest pct loss in more than 6 months at current levels

** Gross merchandise volume (GMV), a growth indicator in the e-commerce industry, grows 64 pct in Q1 vs 81 pct year-ago

** Merchant solution revenue, largely obtained from fees charged to merchants on orders, grows 75 pct vs 92 pct last year

** SHOP’s Q1 net loss widens

** So far this year, company’s Toronto shares had risen 24.7 pct (Reporting by Anirban Paul)

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