Ottawa-based e-commerce company Shopify Inc. (TSX:SHOP) has suspended its financial outlook for the remainder of this year because of uncertainty due to the coronavirus pandemic.
Shopify said in a news release that 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. The company will report first-quarter results on May 6.
Shopify also said it has taken steps to support merchants and protect shareholders, including extending 90-day free trials to all new standard plan sign-ups and local curbside pick-up and delivery for merchants. The company noted that it is seeing brick-and-mortar businesses pivot to online options as a drop-off in foot traffic accelerates.
And, Shopify said that it has "terminated thousands of merchants" for charging unfair prices or making false claims about coronavirus related items such as face masks or hand sanitizers.
Shopify shares closed Wednesday down $43.41, or 7.4%, to $546.21.
