8.6 C
New York
Thursday, August 5, 2021
Home Business Shopify revenue doubles amid shift to online shopping in COVID-19

Shopify revenue doubles amid shift to online shopping in COVID-19


Shopify Inc. is reporting $36 million US in profits in the second quarter on a nearly doubling of revenues as it reaped the benefits of COVID-19 lockdowns.

The Ottawa-based tech company says it earned 29 cents per diluted share for the three months ended June 30, compared with a loss of 26 cents per share or $28.7 million US in the prior year.

Reporting in U.S. dollars, adjusted earnings reached $129.4 million or $1.05 per share, up from $10.7 million or 10 cents per share in the second quarter of 2019.

Revenues surged 97 per cent to $714.3 million from $362 million a year earlier.

Shopify was expected to report a net loss of 59 cents per share or adjusted profit of one cent per share on $513.8 million in revenues, according to financial markets data firm Refinitiv.

The company says the ongoing effect of the pandemic has been to accelerate the shift of purchase habits to e-commerce with new stores created on the Shopify platform growing 71 per cent in the quarter.



Source link

Today news
Today News 1 runs four of the western GTA’s most influential media websites, offering news, food, lifestyle and entertainment coverage for millions to the Golden Horseshoe and GTA regions. The independently-run, online news source was founded in 2019 and specializes in everything from breaking news to food and restaurant, arts and entertainment and lifestyle coverage.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Rihanna is now a billionaire, but not because of her music

Superstar Rihanna's net worth is now estimated at $1.7 billion US, Forbes magazine said on Wednesday, making her the richest female musician in the world. But...

Grammys commit to more hiring diversity for 2022 show

The Grammy Awards will adopt an inclusion rider that will require producers to recruit and hire more diverse candidates backstage and in front...

Monty Python’s John Cleese looking for a place to stay in Huntsville, Ont.

Someone with a cottage or home in Huntsville, Ont., could potentially host a famous tenant. British actor and comedian John Cleese tweeted on Monday...

TIFF 2021: Oscar Peterson documentary, Cannes-winning Titane added to lineup

Cannes-winning horror sensation Titane and a documentary on the late Canadian jazz legend Oscar Peterson are among the titles added to the Toronto International...

Recent Comments