Why Shopify Stock Rallied on Wednesday
Shares of Shopify (NYSE: SHOP) climbed higher on Wednesday, surging as much as 9.4%. As of 12:32 p.m. ET, the stock was still up 7.3%.
While a general market rebound no doubt aided its ascent, the biggest catalyst that sent the e-commerce platform provider higher was its financial report, which wasn't as bad as many had feared.
For the second quarter, Shopify reported revenue that grew to $1.3 billion, up 16% year over year. A significant strengthening of the U.S. dollar weighed on the top line, which would have been 1.5% higher if not for the currency headwinds. Skyrocketing costs pressured profits, resulting in an adjusted net loss of $38.5 million, or a loss per share of $0.03.
Source Fool.com
