5 Earnings Reports Drawing Attention

2. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 73

Shares of Shopify Inc. (NYSE:SHOP) plunged to an eight-month low on Wednesday, February 16, 2022, despite posting its fourth-quarter results above expectations. The Canadian e-commerce company reported adjusted earnings of $1.36 per share, better than analysts’ average estimate of $1.27 per share.

In addition, Shopify Inc. (NYSE:SHOP) generated revenue of $1.38 billion, which topped the consensus forecast of $1.34 billion. Looking at the performance of its flagship segments, subscription solutions revenue for the quarter jumped 26 percent on a year-over-year basis to $351.2 million. In comparison, merchant solutions revenue climbed 47 percent to $1.028 billion.

Speaking on the results, President of Shopify Inc. (NYSE:SHOP), Harley Finkelstein, said in a statement:

“The last two years have been extraordinary. We nearly tripled revenue, more than doubled GMV and the Shopify team, and the number of merchants using Shopify is nearly twice as big as 2019 levels. We are emerging from the sprint of these last two years even stronger and more ambitious, since the accelerated leap into digital commerce means we can go farther faster for merchants and buyers alike.”