The Ottawa-based provider of e-commerce services for retailers reported earnings of $133.2 million, or $1.13 per-share, for the third quarter after posting a loss of $33.6 million, or 29 cents per-share, in the same period last year. Analysts tracking the company had expected earnings per-share of 52 cents.
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Pretty much everything about the company’s business looked good, partly driven by plummeting brick-and-mortar retail sales as health regulations to limit the spread of the novel coronavirus like occupancy constraints have slowed down foot traffic.
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Shopify Could Own Black Friday - WSJ
Amid the Covid-accelerated shift from brick and mortar stores to online shopping, cloud commerce platform Shopify Inc. continues to clean up. After a huge second quarter which helped propel the company to its stratospheric $125 billion market value, Shopify's latest results suggest it might just be getting started.
Shopify Is A Challenger To Amazon Every Day
ANKARA, TURKEY - MAY 5: In this illustration photo taken in Ankara, Turkey, Shopify logo is seen on ... [+] a mobile phone screen, on May 5, 2020. Ercin Top / Anadolu Agency
Shopify is an e-commerce company that provides tools to start, grow, market, and manage a retail business of any size. It has an e-commerce platform scalable for any size company that wants to offer a better shopping experience to its customers across all selling channels. Its services also include many free marketing and sales tools, and a dashboard for monitoring performance.
Shopify Earnings Top Views, SHOP Stock Falls As Beat Smaller Vs.
Shopify earnings, revenue and gross merchandise volume topped September-quarter analyst estimates on Thursday as e-commerce continued to boom amid the coronavirus pandemic. But Shopify stock fell on the news as the size of its third-quarter beat came in a bit smaller vs. the June quarter.
Canada-based Shopify ( SHOP ), a rival of Amazon.com ( AMZN ), said it earned an adjusted $1.13 a share. Revenue jumped 96% to $767.4 million, the company said.
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Shopify Announces Third-Quarter 2020 Financial Results
Shopify Inc. (NYSE:SHOP)(TSX:SHOP), a leading global commerce company, announced today strong financial results for the third quarter ended September 30, 2020.
"The accelerated shift to digital commerce triggered by COVID-19 is continuing, as more consumers shop online and entrepreneurs step up to meet demand," said Harley Finkelstein, Shopify's President. "Entrepreneurs will be the force in rebuilding economies all over the world, which makes it even more important for Shopify to innovate and build the critical tools that merchants need to succeed in a low-touch retail environment."
Shopify Revenue Up 96 Pct As COVID Boosts Sales | PYMNTS.com
Shopify is again talking up its surge in business this year as the pandemic pushes people toward eCommerce.
In its quarterly report , the shopping platform said, "Total revenue in the third quarter was $767.4 million, a 96 percent increase from the comparable quarter in 2019." In addition, Shopify said, "Net income for the third quarter of 2020 was $191.1 million, or $1.54 per diluted share, compared with a net loss of $72.8 million, or $0.64 per basic and diluted share, for the third quarter of 2019."
Shopify (SHOP) Surpasses Q3 Earnings and Revenue Estimates
Shopify (SHOP) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $0.50 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 126%. A quarter ago, it was expected that this cloud-based commerce company would post earnings of $0.01 per share when it actually produced earnings of $1.05, delivering a surprise of 10,400%.
How Shopify Almost Doubled Revenues In Third Quarter 2020
BRAZIL - 2019/06/26: In this photo illustration a Shopify logo seen displayed on a smartphone. ... [+] (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)
As every retailer knows, we are in a pandemic that has shifted customer shopping out of physical stores, and Shopify's third quarter reflected the positive impact to on-line retailers. Revenues jumped +96.5%, and net income swung from a loss of ($72,284) to a gain of $191,068. The company, which powers one million businesses in 175 countries, is a trusted partner for brands such as Allbirds, Gymshark, Heinz, Staples and many more.
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