Shopify Quarterly Revenue Beats, Sees Slower Revenue Growth in 2021

The Shopify App. Shutterstock.

Shopify Inc’s holiday quarter revenue nearly doubled and beat Wall Street estimates as more businesses flocked to the Canadian company’s e-commerce tools to sell online during the Covid-19 pandemic.

The, company, however, expects slower revenue growth this year from 2020 on vaccine rollouts.

Revenue rose to $977.7 million in the fourth quarter ended December 31, from $505.2 million a year earlier.

Analysts on average had expected $910.2 million, according to IBES data from Refinitiv.

The cloud-based company’s platform enables sellers to set up stores online and also offers payments and shipment tracking services, attracting thousands as curbs imposed during the health crisis worldwide accelerated a shift to e-commerce.

The Ottawa-based company raked $5.1 billion in sales during the Thanksgiving weekend last year, up 76 percent from a year earlier.

By Chavi Mehta; Editor: Sriraj Kalluvila

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