Shopify Inc. (NYSE: SHOP) topped analysts’ expectations on revenue and earnings for the fourth quarter of 2019, sending the stock soaring 9% in premarket hours on Wednesday. Analysts had forecast earnings of $0.24 per share on revenue of $482 million.
Total revenue jumped 47% year-over-year to $505.2 million, aided by growth in monthly recurring revenue (MRR) and gross merchandise volume (GMV).
Net income was $0.8 million, or $0.01 per share, compared to a net loss of $1.5 million, or $0.01 per share, in the prior-year quarter. Adjusted net income was $50 million, or $0.43 per share.
Shopify posted double-digit revenue increases in its Subscription Solutions and Merchant Solutions divisions. The company’s investments in its product improvement initiatives and expansion efforts helped bring more merchants onto the platform leading to a growth in monthly recurring revenue.
The company has been making progress on the integration of 6 River Systems with its Shopify Fulfilment Network during the quarter. In addition, the adoption of Shopify Shipping has increased with 45% of merchants in the US and Canada using the service in the fourth quarter. This number was less than 40% in the same period last year.
Shopify launched 13 new language capabilities on its platform including Danish, Finnish, Hindi and Thai and rolled out Shopify Payments in four more countries, expanding its footprint to 15 countries.
For the first quarter of 2020, Shopify expects revenues of $440 million to $446 million. For the full year of 2020, Shopify expects revenues of $2.13 billion to $2.16 billion.
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