(Ottawa) Shopify posted a loss of US$1.3 billion for its most recent quarter, which was marked by the layoff of 20% of its workforce and the sale of its logistics business.

The net loss for the Ottawa-based e-commerce solutions company compared to a net loss of US$1.2 billion for the same period last year.

The loss per share was US$1.02, down from 95 cents US in the same quarter of 2022.

Analysts on average had expected a loss of 46 cents per share, according to forecasts compiled by financial data firm Refinitiv.

Shopify’s revenue hit nearly $1.7 billion in the quarter, up from about $1.3 billion a year earlier.

Shopify’s most recent quarter saw the company significantly reduce its workforce to help it redirect efforts to its core e-commerce business and spin off its distribution business by handing it over to the supply chain manager. Flex port.

Company in this story: (TSX:SHOP)