Shopify says it is suspending its financial outlook for the year because of the uncertainty stemming from COVID-19.
The Ottawa-based e-commerce company says momentum in the first two months of the year will enable it to achieve first-quarter revenue and adjusted operating income that’s within or ahead of expectations.
Shopify will report results for the period that ended March 31 on May 6.
OBJ360 (Sponsored)
Deep retrofits, done differently: new model for building upgrades
Deep energy retrofits are complex and costly – but also unpredictable. Each building has its own unique characteristics, shaped by its history, systems, and structure. For Killam Apartment REIT and
Legal tips for making workplace changes during a period of economic uncertainty
With the ongoing threat of severe trade disruptions and economic uncertainty in the air, business owners who have been economically impacted by the tariffs might be contemplating changes to their
The company says it has taken steps to support merchants and protect shareholders, including extended 90-day free trials to all new standard plan signups and local curbside pickup and delivery for merchants. Internally, Shopify was among the first local firms to move its operations fully remote.
Early signs from its analysis of how the novel coronavirus is affecting merchants’ operations indicates that brick-and-mortar businesses are pivoting to online with the dropoff in foot traffic.
Shopify says it terminated thousands of merchants charging unfair prices or making false claims about COVID-19-related items such as face masks or hand sanitizers.
