Shopify Inc. Canada, has just released its quarterly results for the second quarter which revealed a slowing growth as compared to last year’s result. According to a report on Reuters, the company shares went down by at about 6 percent.

The company shares have performed well so far this year as investors have shown have strongly supported the company in Toronto. According to Reuters, Toronto-listed shares have gained 51 percent, while U.S. shares are up about 39 percent this year.

An analyst for D.A. Davidson and Co, Thomas, Forte, expresses his view of the company’s performance “There are high expectations from shareholders for the company to grow faster, as reflected in the stock’s strong year-to-date performance. Going forward, the potential for a re-acceleration in growth will depend on its initiatives, including Shopify Plus and international expansion,”

Shopify’s target market started off as small and medium-size businesses, but Shopify Ottawa has started diversifying its client base to target big brands, this move has yielded obvious results as Shopify plus which is targeted at higher class customers was responsible for up from 18 percent a year earlier.

The total revenue derived from subscriptions was 54.6 percent, enabling a 61.5 percent surge in total revenue. U.S.-listed shares went down by 6 percent at $139, while the Toronto-listed shares decreased by 5 percent to C$181.34.

Shopify has described its financial results for the quarter ended June 30, 2018 as strong. In their words, “The diversity of our revenue drivers and of our merchant base contributed to our strong revenue growth this past quarter,” stated Amy Shapero, Shopify’s CFO. “Our mission, our technology and our growth model position us, and our merchants, to thrive in the face of massive changes to retail. We built the Shopify platform to meet the many and varied needs of all types of merchants, whether they are makers or curators, entrepreneurs or household brands. This presents us with an expansive opportunity set that we will continue to invest in with a view to even greater success over the long term.”

On their site, Investors.shopify.com, shopify has highlighted some the details of its second quarter results

• Total revenue in the second quarter was $245.0 million, a 62% increase from the comparable quarter in 2017.
• Subscription Solutions revenue grew 55% to $110.7 million. Merchant Solutions revenue grew 68% to $134.2 million, driven primarily by the growth of Gross Merchandise
• MRR as of June 30, 2018 was $35.3 million, up 49% compared with $23.7 million as of June 30, 2017.
• GMV for the second quarter was $9.1 billion, an increase of $3.3 billion, or 56% over the second quarter of 2017.
• Gross profit dollars grew 58% to $137.0 million as compared with the $86.8 million recorded for the second quarter of 2017.
• Operating loss for the second quarter of 2018 was $30.8 million, or 12.6% of revenue, versus a loss of $15.9 million, or 10.5% of revenue, for the comparable period a year ago.
• Adjusted operating loss4 for the second quarter of 2018 was 1.7% of revenue, or $4.3 million; adjusted operating loss for the second quarter of 2017 was 1.9% of revenue, or $2.9 million.