Updated July 27, 2022 7:46 am ET / Original July 27, 2022 7:19 am ET
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Shopify stock slid in premarket trading Wednesday after the e-commerce company posted a wider-than-expected second-quarter loss and indicated losses will increase in the third quarter.
Shopify (ticker: SHOP ) reported a second-quarter adjusted net loss of $38.5 million, or 3 cents a share, missing estimates calling for $30 million in adjusted net income, or 2 cents a share. Revenue was $1.3 billion, up 16% year-over-year and slightly under estimates for $1.33 billion. Yearly revenue growth was negatively impacted by about 1.5 percentage points tied to foreign exchange headwinds.