Company News

BUZZ-Shopify hits record on raised 2019 forecast, surprise profit

** E-commerce software maker Shopify’s U.S.-listed shares rise 6.5% to $240.53, while Toronto-listed shares gain 7.5% to C$325.95

** Both shares hit record highs

** Raises 2019 profit and revenue forecast

** Earns a surprise 9 cents/share on an adjusted basis in Q1, compared with a loss of 5 cents estimated by analysts, according to IBES data from Refinitiv

** Total revenue rises 50 pct to $320.5 mln

** 19 of 27 brokerages rate the U.S.-listed stock “buy” or higher, 7 “hold” and 1 “sell” or lower; their median PT is $200

** U.S-listed shares of Shopify have surged ~74% YTD, while the Toronto-listed shares have risen 72%

Reporting by Shradha Singh in Bengaluru