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Shopify Q4 sales soar

By Huw Hughes

Feb 18, 2021

Report

Canadian e-commerce giant Shopify has reported soaring revenue for the fourth quarter.

In the three months to 31 December, revenue at the Ottawa-based business reached 977.7 million dollars compared to 505.2 million dollars the previous year.

Net income for the quarter reached 123.9 million dollars, compared to 0.8 million dollars a year earlier.

For the full year, which saw Shopify’s online business model prosper during the pandemic, total revenue increased to 2.93 billion dollars from 1.58 billion dollars the year before, while net income reached 319.5 million dollars compared to a net loss of 124.8 million dollars a year earlier.

“Our fourth-quarter results capped off an outstanding 2020, thanks to the success of our merchants in a year that truly tested their mettle and triggered more entrepreneurs around the world to start their journey toward economic independence,” said Amy Shapero, Shopify’s chief financial officer, in a statement.

“Shopify was prepared to ship the features that our merchants needed during the pandemic because we had invested for several years in a future that arrived early with the acceleration of online commerce. We’re amplifying our efforts in 2021, as we focus on executing on a portfolio of initiatives that will fuel further growth for our merchants and for Shopify.”

Image: courtesy of Shopify