Shopify’s 4Q Sales Pop 94% As Online Buying Booms; Shares Dip 3.3%
Shopify posted strong 4Q results driven by booming online sales
growth as consumers shopped from home due to pandemic-led
restrictions. However, shares dropped 3.3% and closed at $1,425 on
Feb. 17, as the Canadian e-commerce platform expects sales to grow
at a slower pace this year. The Canadian e-commerce platform’s 4Q
adjusted earnings more than tripled to $1.58 per share on a
year-over-year basis and outpaced Street estimates of $1.25.
Revenues jumped 94% to $977.7 million topping analysts’
expectations of $910.22 million. Shopify’s (SHOP) merchant
solutions revenue came in at $698.3 million, up 117%
year-over-year, driven mainly by gross merchandise volume (GMV)
growth of 99%.