Shopify Rides Online Shopping Wave To Crush Profit, Revenue Estimates

Canada’s Shopify Inc, on Wednesday smashed first-quarter profit and revenue estimates on resilient demand for the company’s e-commerce platform from businesses despite a gradual opening of economies. The company, which provides infrastructure for retailers to set up their stores online, emerged as a pandemic winner with revenue soaring 86% last year from 2019 and shares nearly doubling to make it Canada’s most valuable firm. U.S.-listed shares of the Ottawa-based company rose nearly 5% in early trading on Wednesday, while its Canadian stock gained 4%. Read more at Reuters.