Canada’s Shopify Inc, reported a 110 per cent jump in first-quarter revenue that also trounced analysts’ estimates on Wednesday, as its e-commerce platform profited from the past year’s COVID-19 driven boom in online selling.
The company was a clear pandemic winner as pandemic-induced lockdowns fuelled a swift to online purchases, with revenue jumping 86 per cent last year from 2019 and making it Canada’s most valuable firm.
U.S.-listed shares of the Ottawa-based company, which provides infrastructure for retailers to set up their stores online, rose more than three per cent in pre-market trading.
Gross merchandise volume (GMV), a widely watched figure for the e-commerce industry’s performance, surged 114 per cent to $37.3 billion in the quarter ended March 31, topping Street’s expectation for at least the sixth straight quarter. Analysts on average had expected $34.38 billion, according to IBES data from Refinitiv.
Shopify’s revenue rose to $988.6 million, above analysts’ estimate of $865.5 million.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Sriraj Kalluvila)