Shopify profit forecast misses on higher spending, shares fall [Reuters]
Salesforce, Inc. (CRM)
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Source: Reuters
Shopify profit forecast misses on higher spending, shares fall | Reuters 2 Min Read (Reuters) - Canadian e-commerce software maker Shopify Inc’s full-year adjusted operating income forecast fell short of analysts’ estimates on Tuesday, overshadowing a strong quarterly profit beat and sending its shares down 4 percent. Shopify, whose products enable merchants to sell everything from infant formula to cosmetics online, forecast adjusted operating income in the range of $10 million to $20 million. Analysts on average were expecting $55 million, according to IBES data from Refinitiv. Shopify said it would set aside about $30 million for brand promotions in 2019, as the company invests heavily to boost its presence in augmented reality and virtual reality based applications. In the fourth quarter, operating expenses surged about 53 percent to $195.2 million, as Shopify faces intensifying competition from software makers such as Salesforce.com and Adobe Systems in the e-commerce solutions m
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