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  • Shopify (SHOP) reported strong growth rates for the first quarter of 2021, including revenue growth of 110 per cent compared to Q1 2019
  • Development continued on several features and services, including its Shopify Fulfillment Network and Shop, the all-in-one mobile shopping assistant
  • As more merchants joined the platform, subscription solutions revenue rose to US$320.7 million this quarter, an increase of 71 per cent year over year
  • Shopify offers an e-commerce platform primarily to small and midsize businesses
  • Shopify (SHOP) is up 4.51 per cent, trading for C$1,495.00 per share

Shopify (SHOP) reported strong growth rates for the first quarter of 2021, including revenue growth of 110 per cent compared to Q1 2019.

The company continued developing several features and services, including its Shopify Fulfillment Network and Shop, the all-in-one mobile shopping assistant.

At the end of the quarter, Shop had over 107 million registered users and has facilitated over US$24 billion in gross merchandise volume since its launch in 2017.

As more merchants joined the platform, subscription solutions revenue rose to $320.7 million this quarter, an increase of 71 per cent year over year.

Harley Finkelstein, Shopify’s President, commented,

“Our singular focus is on making entrepreneurship easier, and making it easier for entrepreneurs to succeed.”

Compared to the first quarter of 2020, which saw a net loss of $31.4 million, Q1 2021 saw a net income of $1,258.4 million.

Looking forward to the remainder of 2021, Shopify expects to continue to grow its subscription revenue growth as more merchants join the platform from around the world.

2020 catapulted commerce into a period of incredibly rapid change, presenting Shopify with “unprecedented” opportunities in 2021 to accelerate innovation.

The company plans to heavily reinvest in its businesses throughout the remainder of 2021, resulting in an increase in operating costs, offset by rapid growth in gross profit dollars.

Amy Shapero, Shopify’s CFO, remarked,

“We are focused on building a commerce operating system that will help shape the future of retail. Our merchant-first business model positions us to capture the massive opportunity presented by the growth of digital commerce, benefiting both our merchants and Shopify.”

Shopify offers an e-commerce platform primarily to small and midsize businesses.

Shopify (SHOP) is up 4.51 per cent, trading for C$1,495.00 per share as of 9:46 am ET. 

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