Shopify revenue up 72% as CEO prepares to address 'short-selling troll'

Shopify says it lost US$9.4 million in its latest quarter as its revenue grew 72% compared with the same period last year.

The company, which keeps its books in U.S. dollars, says its loss for the quarter amounted to nine cents per share compared with a loss of $9.1 million or 11 cents per share a year ago when it had fewer shares outstanding.

On an adjusted basis, Shopify says it earned $5 million or five cents per share for the quarter compared with an adjusted loss of $1.8 million or two cents per share, for the third quarter of 2016.

Revenue totalled $171.5 million, up from $99.6 million.

The increase came as its subscription solutions revenue grew to $82.4 million compared with $49.8 million a year ago, while merchant solutions revenue climbed to $89 million, up from $49.7 million.

It's been a tumultuous month for the Ottawa-based technology firm, which provides merchants with online checkout services. Activist short-seller, Andrew Left of Citron Research, alleged the company operates outside the law. Since the news broke, Shopify's shares on the TSX continued to shed another $13.96, hitting a monthly low of $115.76 on Oct. 10, before starting to recoup some of those losses.

CEO Tobias Lutke has said the company stands behind its mission and has promised to address the comments made by Left, who Lutke called a "short-selling troll," during a conference call with analysts on Tuesday.