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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.
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Wednesday morning brought a mixed picture to Wall Street, as different stock market benchmarks moved in different directions. Investors expect to hear from Jerome Powell, chair of the Federal Reserve, this afternoon after the central bank s monetary policy committee concludes its April meeting.
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.
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