Shopify Shares Soar After Reporting Almost 50% Revenue Jump
- E-commerce platform surpassed 1 million merchants last year
- Holiday sales, new fulfillment plans keep shares rising
Photographer: Kevin Van Paassen/Bloomberg
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Shopify Inc. reported fourth-quarter revenue that topped analysts’ estimates and gave an optimistic forecast for this year, boosted by holiday shopping and add-on services such as payment and marketing tools. The shares surged the most in almost four years.
Sales grew by 47% to $505.2 million in the quarter, Ottawa-based Shopify said in a statement Wednesday. Analysts expected $481.6 million, according to data compiled by Bloomberg. For 2020, Shopify said it sees revenue of $2.13 billion to $2.16 billion, compared with analysts’ projection for $2.12 billion.