As the COVID-19 pandemic has triggered a resilient online shopping trend, Canadian e-commerce giant Shopify exceeded its second-quarter revenue expectations on Wednesday.
Due to unprecedented growth in the e-commerce sector, the value of Shopify has nearly tripled in the last year, as customers view online shopping as the only viable option during the pandemic.
Even with the introduction of vaccines and the reopening of the economy, the boom in online shopping is widely seen as a trend, because in the post-pandemic world, people’s lifestyles have become more convenient, comfortable and generally transformed.
Shopify helps companies build online stores and perform payment processing on its platform. It has been increasing its efforts to expand in Europe to add more merchants on its platform.
As a widely watched figure for the performance of the e-commerce industry, the gross merchandise volume (GMV) increased by 40% this quarter to US$42.2 billion (approximately Rs 3,140 billion). According to Refinitiv’s IBES data, analysts’ average expectation is 40.49 billion U.S. dollars (about 3,0129.2 billion rupees).
Net income increased from approximately 36 million US dollars (approximately 267.84 crore) or 29 cents per share (approximately 2.1 billion rupees) to 879.1 million US dollars (approximately 65.4 billion rupees), or 6.90 US dollars per share (approximately 513 million rupees). rupee). a year ago.
According to Refinitiv’s IBES data, the company reported revenue of US$1.12 billion (approximately Rs 8,332 crore) for the quarter ended June 30, while the average analyst forecast was US$1.05 billion (approximately Rs 7,812 crore).
This is the first time that Shopify’s quarterly revenue has exceeded US$1 billion (approximately Rs 744 billion).
© Thomson Reuters 2021