Shopify rallies with sales almost doubling amid online shift

Shopify Inc. nearly doubled its revenue in the second quarter, crushing analysts’ estimates as a flood of merchants moved their businesses online during the coronavirus pandemic.

Sales grew 97 per cent to $714.3 million from the same quarter a year ago, Ottawa-based Shopify said in a statement Wednesday. Analysts had expected about $512 million, according to data compiled by Bloomberg.

New stores created on the Shopify platform grew 71 per cent in the second quarter compared with the first quarter, driven in part by the company’s decision to extend the free-trial period on standard plans from 14 days to 90 days.

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2020-07-29T11:20:49-04:00 July 29th, 2020|