Shopify Soars 12% After Being Added to the Nasdaq 100 Index
Nasdaq announced on Monday that Shopify will become a component of the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted Index before the opening of the market on May 19. The e-commerce company will replace MongoDB Inc. in the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted Index.
Shares of Shopify jumped 12% in premarket trading.
With its Q1 earnings report, Shopify reported revenue jumped 26.9% in Q1 to $2.36 billion. Subscriptions revenue increased 21% during the quarter to $620 million, while merchants solutions revenue was up 29% to $1.74 billion. Gross merchandise volume was up 23% to $74.75 billion during the quarter. Free cash flow margin was 15% of sales, to improve from the 12% mark from a year ago. Net income was reported at $226 million, vs. $144 million a year ago.
Looking ahead, Shopify sees Q2 revenue growing at a mid-twenties percentage rate on a year-over-year basis and gross profit dollars growing at a high-teens percentage rate on a year-over-year basis, a range which fell below the consensus expectation of 20.2%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10