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Shopify's value nearly tripled over the last year due to
unprecedented growth of the e-commerce sector as customers
looked towards online shopping as the only viable alternative
during the pandemic.
Even as vaccine rollouts ramp up and economies re-open, the boom
in online shopping has been widely seen as a trend that is here
to stay owing to ease of access, comfort and general shift in
people's lifestyles in a post-pandemic world.
Shopify, which helps businesses setup their online shops and
also with payments processing on its platform, has been ramping
up its efforts to expand in Europe to add more merchants to its
platform.
Gross merchandise volume (GMV), a widely watched figure for the
e-commerce industry's performance, rose 40% to $42.2 billion in
the quarter. Analysts on average had expected $40.49 billion,
according to IBES data from Refinitiv.
Net income rose to $879.1 million, or $6.90 per share, from
about $36 million, or 29 cents per share, a year earlier.
The company reported revenue of $1.12 billion for the quarter
ended June 30, compared with analysts' average estimate of $1.05
billion, according to IBES data from Refinitiv.
This is the first time ever that Shopify's quarterly revenue has
shot above $1 billion.
(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna
Chandra Eluri)
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