COVID-19 is proving to be no match for Shopify Inc., which nearly doubled revenues and reported US$36 million in profits as the pandemic raged across Canada.
While many Canadian businesses filed for bankruptcy or watched sales disappear in record time amid the health crisis, the Ottawa-based tech company said Wednesday that its revenues surged by 97 per cent in its second quarter.Chief operating officer Harley Finkelstein attributed the growth to companies -- including Schwinn, Farm Boy, Snickers and Molson Coors -- switching to using Shopify's products or starting e-commerce stores for the first time.
The flurry of activity Finkelstein discussed propelled Shopify revenues in the three months ended June to US$714.3 million from US$362 million a year earlier. Shopify chief executive Tobi Lutke said the trends he saw at Shopify and elsewhere over the last few months tell him that "2030 has gotten pulled forward into 2020."
Shopify was ready for the moment and moved new companies to its software as quickly as it could, eventually experiencing a 71 per cent surge in new store growth.
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