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The e-commerce boom of 2020 is continuing into 2021 and one of the first major e-tailers to announce Q1 earnings is confirming that.
Shopify (NYSE: SHOP) reported total revenue in Q1 of $988.6 million, 110% growth year-over-year, powered by a 137% growth in Merchant Solutions revenue of $668 million.
Subscription Solutions revenue climbed 71% to $320.7 million, the Canadian-based company said Wednesday morning.
"Shopify's momentum continued into 2021 as digital commerce tailwinds remained strong and merchants took advantage of the range of capabilities offered by our platform," said Amy Shapero, Shopify's CFO, in a statement. "We are focused on building a commerce operating system that will help shape the future of retail. Our merchant-first business model positions us to capture the massive opportunity presented by the growth of digital commerce, benefiting both our merchants and Shopify."