Investing.com - Shopify Inc (NYSE:SHOP) shares rallied on Tuesday and reached an all-time high of $105.79 after the company reported better-than-expected sales and a narrower loss in its second quarter.
Shopify, a provider of a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses, had sales of $151.7 million in the second quarter, topping the average analyst estimate of $144.3 million and its own forecast of $142 million to $144 million.
Shopify lost 1 cent a share in the quarter, a much better result than the 7 cents per share loss analysts were expecting. Shopify hit a huge milestone, reaching 500,000 customers during the quarter. Shopify had about 300,000 customers in the same quarter last year.
Shopify is anticipating $164 million to $166 million in sales and losses of $2 to $4 million in the current (third) quarter. Analysts estimate Q3 sales will come in at $156.55 million.