Revenues for Shopify Inc. surged 97 per cent to $714.3 million, in a July 28, 2020 story. (Photo by THE CANADIAN PRESS)

Shopify revenues nearly double in Q2 amid COVID-19 shift to e-commerce

Revenues surge 97 per cent

OTTAWA — Shopify Inc. is reporting US$36 million 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 US$28.7 million 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.

“The world is changing fast. With the rapid shift to online commerce, massive disruption to conventional employment, and growing conviction that opportunity needs to be more evenly distributed, entrepreneurship has never been more important,” said CEO Tobi Lutke

This report by The Canadian Press was first published July 29, 2020.

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

76 new cases of COVID-19 reported Thursday

Active cases at 1,036, 10,713 recovered cases

COVID-19 tests urged for all teachers and school staff

121 new cases Wednesday, active cases up to 1,040

Clive counsellor biking 421 km to raise funds for Central Alberta Youth Unlimited

Jeremy Whelan raised $2,200 for Lacombe FCSS Fill-A-Friday last year

City of Lacombe council highlights – August 10, 2020

The next scheduled Council Meeting is August 17, 2020, at 5 p.m. (Committee)

Alberta’s active COVID-19 cases continue to trend downwards

85 new cases Tuesday, active cases sit at 1,004

Charges likely in fatal attack at central Alberta medical clinic: RCMP

A vigil was held Monday night to mourn the victim

Wetaskiwin Regional Public Schools receive grant from Indigo Love of Reading Foundation.

WRPS has received $15,975 from the Indigo Love of Reading Foundation.

Three people drown at Crescent Falls

Rocky Mountain House RCMP say the incident occurred Tuesday

Feds seeking private consultant to design firearm buyback program

The ban covers some 1,500 models and variants of what the government considers assault-style weapons

Face masks for teachers can impact learning on young children, experts say

Face coverings, mandatory in most indoor public places across the province, can help limit the spread of COVID-19

New Tory leader must build a strong team in Commons and for the campaign: Scheer

Scheer marked his final day in the House of Commons today as leader of the Opposition

Man accused of killing Red Deer doctor says he does not remember attack

Appearing before a judge, Deng Mabiour, 54, rambled about being sick and needing a doctor

Deaths feared after train derails amid storms in Scotland

Stonehaven is on the line for passenger trains linking Aberdeen with the cities of Edinburgh and Glasgow

Man, 54, charged in connection with fatal attack of Red Deer doctor

Doctor was killed in his walk-in clinic on Monday

Most Read