Shopify Inc.'s SHOP 6.96% revenue nearly doubled in the latest quarter, as the company benefited from the e-commerce boom spurred by the Covid-19 pandemic.
The Canadian company said it has seen more businesses signing up to use the company's e-commerce platforms during the pandemic. Revenue surged to $714.3 million in the second quarter, up from $362 million in the year-ago quarter and above the analysts' forecast of $511 million.
In case you are keeping track:
Shopify (SHOP) Q2 2020 earnings
Popular stock Shopify jumped on Wednesday after the Canadian e-commerce company beat estimates for second-quarter revenue as more brick-and-mortar retailers used its online platform during coronavirus-led lockdowns.
Shares rose 7.2% in premarket trading following the results, further extending Shopify's lead over Royal Bank of Canada as the country's largest company by market value.
Stocks making the biggest moves midday: Kodak, AMD, Shopify, Boeing, General Electric & more
General Electric — Shares of General Electric fell more than 4% after the industrial giant reported a bigger-than-expected loss for the second quarter. GE posted a loss of 15 cents per share, which is bigger than the loss of 10 cents a share forecast by Refinitiv. The company's revenue, however, was slightly ahead of estimates.
Wingstop — Shares of the restaurant chain jumped 15% after the company beat estimates on the top and bottom lines with its second-quarter results. Wingstop reported 39 cents in earnings per share on $66.1 million of revenue, and system-wide revenue rose 37% to $509 million. Analysts surveyed by FactSet expected earnings of 29 cents per share and revenues of $62.4 million.
Bunim/Murray Teams With Shopify For Series On Disabled Entrepreneurs – Deadline
EXCLUSIVE : Keeping Up With the Kardashians producer Bunim/Murray has teamed with nascent producer and financier Shopify Studios to develop a docuseries about disable entrepreneurs.
Deadline understands that the two companies are working up Born For Business , a project that follows four entrepreneurs with physical, cognitive, sensory or mental health disabilities, who have defied society’s stigmas to start their own businesses.
While you're here, how about this:
Shopify's revenue skyrockets amid e-commerce boom - MarketWatch
Shopify Inc.'s revenue nearly doubled in the latest quarter, as the company benefited from the e-commerce boom spurred by the Covid-19 pandemic.
The Canadian company said it has seen more businesses signing up to use the company's e-commerce platforms during the pandemic. Revenue surged to $714.3 million in the second quarter, up from $362 million in the year-ago quarter and above the analysts' forecast of $511 million.
Shopify (SHOP) Stock Might Be Expensive, Stay Cautious
In the said letter, McLain Capital highlighted a few stocks and Shopify Inc. (NYSE: SHOP ) is one of them. Shopify Inc. (NYSE: SHOP ) is an e-commerce company. Year-to-date, Shopify Inc. (NYSE: SHOP ) stock gained 147.8% and on July 28th it had a closing price of $985.00. Here is what McLain Capital said:
"Shopify (SHOP) : The currently fast growing, yet unprofitable e-commerce platform for retailers trades at a $120bln valuation on $1.6bln in 2019 revenues, a valuation of 75x sales for a company that ran -8% net margins. Assuming the business will run a normal 10% net margin and trade at a generous 25x P/E in 2030, revenue will need to grow by a factor of 80 times current levels for shareholders to earn a 10% IRR over the next 10 years."
Shopify's 2Q Earnings Illustrate Digital Shift | PYMNTS.com
Shopify reported second-quarter earnings on Wednesday (July 29) that demonstrated the growing digital shift for consumers, with the company recording a dramatic increase in both the number of stores on the platform and consumer spending at those stores.
By the numbers, total revenue came in at $714.3 million, a 97 percent increase from 2019. Gross merchandise volume (GMV) also grew 119 percent, accelerating in April and May and decelerating in June and July. However, the company would not detail the percentage amount of that deceleration and pulled its revenue guidance for the rest of the year.
Stock Market Today With Jim Cramer: Wait to Buy Shopify - TheStreet
The Dow and the Nasdaq and the S&P 500 are all rising Wednesday as the Fed vows to continue to support the economy. The Fed held rates and reinforced their support for the U.S. economy.
Tech leaders joined representatives from the U.S. Congress and were grilled about their business dealings.
TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning with Jim Cramer. Cramer spoke about Shopify crushing its earnings, AMD reporting a stellar earnings and Spotify shares falling after earnings.
Happening on Twitter
Shopify's revenue is growing 97% year-over-year. Incredible. APompliano (from Global) Wed Jul 29 15:28:02 +0000 2020
Shopify's second quarter revenue: Q2 2020: $714.3 million Q2 2019: $362.0 million Q2 2018: $245.0 million Q2 2017:… https://t.co/QjyMMnaY06 JonErlichman (from IG: @JonErlichman) Wed Jul 29 12:12:08 +0000 2020
Shopify's revenue was up 97%. $SHOP https://t.co/GELuLJ6KNB Stocktwits (from New York, NY) Wed Jul 29 12:38:55 +0000 2020
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