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

Larry
Reeve Larry Clarke reappointed for another one-year term, leading into elections in 2021

Clarke was acclaimed during council’s recent organizational meeting held Oct. 21st

Ember
Stettler’s own Ember Graphics takes Board of Trade 2020 Business Service Award

The 2020 Business and Citizenship Awards Gala was held Oct. 22nd

lights
Mark your calendars for the annual ‘Festival of Lights’ holiday events

Annual celebration raises funds in support of patient care at the Stettler Hospital

Nate Horner
Nate Horner stops by Castor’s Paintearth Lodge on Oct. 19th

Another hot topic during the discussion was the visitor restrictions put in place to protect the residents

Royal Alexandra Hospital front-line workers walk a picket line after walking off the job in a wildcat strike in Edmonton, on Monday, October 26, 2020. THE CANADIAN PRESS/Jason Franson
Alberta labour board orders health-care staff who walked off the job to go back to work

Finance Minister Travis Toews said in a news release that he was pleased with the labour board’s decision

A racoon paid a visit to a Toronto Tim Hortons on Oct. 22, 2020. (shecallsmedrew/Twitter)
Who are you calling a trash panda? Racoon takes a shift at Toronto Tim Hortons

Tim Hortons said animal control was called as soon they saw the surprise visitor

Sharon Hickin, general manager of the Days Inn Sylvan Lake and the new Lake House Diner, poses for a photo outside the new restaurant. Photo by Megan Roth/Sylvan Lake News
Pandemic puts extra hurdles in place for new Sylvan Lake businesses

Over the past seven months numerous new businesses have opened in Sylvan Lake, despite the pandemic

file photo
Maskwacis RCMP investigate pedestrian fatality

Collision on Highway 2A causing fatality still under investigation.

Rachel Notley, leader of Alberta’s official Opposition, speaks in Edmonton on Wednesday, Oct. 16, 2019. Notley says the government needs to sharply ramp up the number of contact tracers if it wants to get a handle on the rising number of COVID-19 cases. THE CANADIAN PRESS/Jason Franson
Alberta Opposition calls for more COVID-19 contact tracers as case numbers rise

Alberta has about 800 tracers, and chief medical health officer Dr. Hinshaw says more are being recruited

Royal Alexandra Hospital front-line workers walk a picket line after walking off the job in a wildcat strike in Edmonton, on Monday, October 26, 2020. Hospital and health-care workers who staged a one-day illegal walkout returned to work Tuesday while politicians swapped recriminations and accusations in the house over the dispute. THE CANADIAN PRESS/Jason Franson
Alberta health staff return to work, surgeries resume after one-day walkout

AHS estimated 157 non-emergency surgeries, most of them in Edmonton, had to be postponed as a result of the walkout

Prime Minister Justin Trudeau makes his way to provide an update on the COVID pandemic in Ottawa on Tuesday, Oct. 27, 2020. Canada has reached a grim milestone in the COVID-19 pandemic, surpassing 10,000 novel coronavirus deaths. THE CANADIAN PRESS/Sean Kilpatrick
Alberta COVID deaths pushes Canada past milestone of 10,000 deaths

Canada crossed the threshold of 5,000 deaths on May 12, a little over two months after the first was reported

Cases in Ponoka (East Ponoka County) as of Oct. 27. (alberta.ca)
Diagnosed cases of COVID-19 at three Ponoka businesses

Town ‘strongly encouraging’ residents to wear non-medical masks in public

Prime Minister Justin Trudeau provides an update on the COVID pandemic during a press conference in Ottawa on Tuesday, Oct. 27, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Trudeau says pandemic ‘really sucks,’ and that Christmas gatherings are up in the air

The prime minister encouraged residents to continue to follow the advice of local health authorities

Most Read