U.S. stocks were in positive territory on Tuesday, with the Dow jumping almost 350 points. The Dow Jones Industrial Average gained 1.34% to 25,390, the S&P 500 index jumped 1.21% to 2,743 and the Nasdaq Composite Index advanced 1.28% to 7,401.
Shares of Shopify Inc. (SHOP, Financial) fell more than 1.5% after the company announced fourth-quarter results on Tuesday morning. Revenue grew 54.3% from the prior-year quarter to $343.86 million, beating estimates by $16.43 million. Earnings of 26 cents per share beating estimates by 5 cents.
“We made history in 2018: no other SaaS company has crossed the $1 billion-dollar revenue mark at a faster growth rate than Shopify has,” CEO Tobias Lütke said.
Subscription solutions revenue rose to $133.6 million, fueled by the growth in monthly recurring revenue as the number of merchants joining the Shopify platform increased.
The gross profit was $185.7 million, up from $121.1 million in the year-ago quarter. Further, the operating loss was $9.5 million, declining from a loss of $6.1 million in the comparable quarter of 2017.
Gainers
- Coty Inc. (COTY, Financial)
- Under Armour Inc. (UA, Financial)
- Mattel Inc. (MAT, Financial)
- Lennar Corp. (LEN, Financial)
- Fluor Corp. (FLR, Financial)
- Electronic Arts Inc. (EA, Financial)
Losers
- Nektar Therapeutics Inc. (NKTR, Financial)
- Gilead Sciences Inc. (GILD, Financial)
- Everest Re Group Ltd. (RE, Financial)
- FMC Corp. (FMC, Financial)
- Albemarle Corp. (ALB, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.06%, France's CAC 40 swelled 0.84%, Germany's Dax climbed 1.01% and Spain's IBEX 35 rose 0.52%.
In Asia, Japan's Nikkei 225 jumped 2.61%, India’s BSE Sensex slid 0.66%, Hong Kong's Hang Seng gained 0.10% and China's Shanghai Composite rose 0.68%.
Disclosure: The author holds no positions in any stocks mentioned.
