Shopify Slips After Warning Revenue Growth Will Slow in 2021

Company says it will ‘aggressively’ reinvest in products
Gross merchandise value nearly doubles in 4Q to $41.1 billion

Watch: Harley Finkelstein, president of Shopify Inc., discusses the company's fourth-quarter results and forecast of a slowing growth rate in 2021.(Source: Bloomberg)

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By Danielle Bochove

February 17, 2021 at 12:22 PM UTC

Updated on

February 17, 2021 at 9:44 PM UTC

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Canadian e-commerce firm Shopify Inc. says it will take advantage of “unprecedented opportunities” in 2021 to speed up innovation and expand into new markets, but warned that its growth rate will slow.

Revenue will grow “rapidly” this year but not as quickly as in 2020, when it increased 86% to $2.93 billion, the company said Wednesday. It didn’t give specific guidance on earnings for the current year. The arrival of vaccines could see some consumer spending rotate back to bricks-and-mortar retailers, Ottawa-based Shopify said.