Shopify sees 110 percent year-over-year revenue growth as e-commerce continues to boom amid pandemic
Shopify continued to see massive growth in the first quarter of 2021 with revenue, income and gross profit all significantly increasing year-over-year.
Shopify’s total revenue for the first quarter of this year was $988.6 million, an increase of 110 percent year-over-year. The company’s gross profit was up 117 percent to $558.7 million, compared with $257 million for the first quarter of 2020. All numbers are in USD.
The Ottawa-based company’s net income for the quarter was $1.25 billion, or $9.94 per diluted share. This is compared with a net loss of $31.4 million, or $0.27 per diluted share. Shopify’s net income also included a $1.3 billion unrealized gain on its equity investment in Affirm, which went public in January.
Three Shopify executives are set to depart their roles from the company.
Jean-Michel Lemieux, the chief technology officer of Shopify, and chief talent officer Brittany Forsyth have announced on Twitter they are stepping down from their roles in the coming months. Chief legal officer Joe Frasca is also set to step down, according to a report from the Ottawa Business Journal, which noted that all three execs will end their tenures in June. A Shopify spokesperson confirmed the departures to BetaKit.
The latest departures come approximately six months after another major executive shuffle at Shopify.
Shopify published a statement from CEO Tobias Lütke on the executive departures Wednesday, highlighting the accomplishments of Lemieux, Forsyth, and Frasca.
Shopify hires new VP of engineering, looks to add 2,021 new technical staff this year
Shopify has tapped Cathy Polinsky as the e-commerce company’s new vice president of engineering as it plans to double the size of its engineering team this year.
“Shopify’s mission to make commerce better for everyone is incredibly inspiring, and it’s what attracted me most to the role.”
Polinsky has previously served as chief technology officer of Stitch Fix, an online personal shopping service, where she took the company public. Before that, she had a seven-year tenure at Salesforce where she was most recently senior vice president.