$Shopify (SHOP.US)$ tumbled 19% early Wednesday, after the commerce infrastructure provider swung to a surprise first-quarter loss, offsetting a revenue beat.
The company posted a net loss of $273 million, or 21 cents a share, for the quarter, after income of $68 million, or 5 cents a share, in the year-earlier period.
Excluding one-time items, the company had adjusted EPS of 20 cents, ahead of the FactSet consensus of 17 cents.
Revenue rose to $1.861 billion from $1.508 billion a year ago, just ahead of the $1.843 billion FactSet consensus.
Gross merchandise volume rose 23% to $60.9 billion, while gross payments volume rose to $36.2 billion, or 60% of GMV processed in the period, up from 56% a year ago. The company is now expecting second-quarter revenue growth at a high-teens percentage rate.