Shopify Sales Double as Merchants Forced Into Online Future
- Stock rallies as much as 13% to a fresh high on Wednesday
- Sales of food and beverages surge in pandemic buying spree
Shopify saw gross merchandise volume soar nearly 120% from a year earlier.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
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% 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.