Shopify revenue doubles as pandemic increases ecommerce sales
- The Ottawa based company recorded a profit of US$36 million for the second quarter of this year.
- Reported in US dollars, Shopify recorded their adjusted earnings at $129.4 million, up $10.7 million from this time last year.
- Financial market data firm Refinitiv had expected the company to be reporting a net loss this year, but Shopify has seen high profits thanks to many businesses turning to online amidst lockdown measures.
- The pandemic has been seen to accelerate the shift of companies to e-commerce with new stores created on the Shopify platform growing 71 per cent in the current quarter.