Business

Shopify’s revenue rises in run-up to key holiday season; shares up

Published

3 years ago

October 28, 2021

Canadian e-commerce giant Shopify Inc reported a 46% rise in quarterly revenue as consumer spending “normalizes” after a year of a pandemic-fueled online shopping frenzy, sending its shares up 9%.

The widespread shift to e-commerce at the height of the pandemic had brought a wave of new business to Shopify, which provides infrastructure for retailers to set up their stores online and generates revenue mainly through subscriptions and merchant services.

However, on a call with analysts, Shopify executives flagged “pressures in supply chain” for the key holiday shopping season.

Companies across the globe have sounded alarm bells on supply issues that have pushed costs higher and made some products scarce.

Shopify raked in billions of dollars over the past year, growing quarterly revenue by over 90% in four of the last six quarters.

It has been able to maintain a healthy growth rate even as people stepped out of their homes and bigger rivals like Amazon.com Inc bolster their offerings to retain customers.

“The strength of Shopify’s flywheel was on display within the more normalized spending environment we saw this past quarter, as more merchants used more of our platform to start and grow their businesses,” said Shopify’s finance chief, Amy Shapero.

The company’s subscription solutions revenue jumped by 37% to $336.2 million in the quarter ended Sept. 30.

Analysts are optimistic about Shopify’s business model, which is driven primarily by mom-and-pop stores.

“Shopify was a high-growth company long before COVID, and it’s going to be a high-growth company after the pandemic tailwinds fade,” said Samad Samana, analyst at Jefferies.

The company’s total revenue was $1.12 billion, narrowly missing expectations of $1.14 billion, according to Refinitiv data. Its adjusted profit of 81 cents per share also came in below an estimate of $1.18.

(Reporting by Richard Rohan Francis and Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri, Saumyadeb Chakrabarty and Maju Samuel)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

18 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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