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Shopify Q3 revenue up 96 per cent from last year amid mass shift to e-commerce

Last Updated Oct 29, 2020 at 12:17 pm MST

The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. THE CANADIAN PRESS/Justin Tang

OTTAWA — Shopify Inc. says the flood of businesses focusing on digital efforts during the COVID-19 pandemic nearly doubled the company’s third-quarter revenue compared with a year ago.

The Ottawa-based e-commerce company, which keeps its books in U.S. dollars, says its revenue reached US$767.4 million in the quarter, up from US$390.5 million during the same period last year.

Shopify also says it earned US$191.1 million or US$1.54 per diluted share in the quarter, compared with a loss of US$72.8 million or 64 cents per share in the prior year.

The company’s adjusted earnings hit US$140.8 million or US$1.13 per diluted share, up from last year when it lost US$33.6 million or 29 cents per share.

Analysts on average had expected a profit of 53 cents per share for the quarter and US$663.4 million in revenue, according to financial data firm Refinitiv.

Shopify says its quarter was boosted by an increased number of businesses who turned to e-commerce options to generate sales during temporary closures amid COVID-19.

This report by The Canadian Press was first published Oct. 29, 2020.

Companies in this story: (TSX:SHOP)

The Canadian Press