- A popular e-commerce platform, Shopify (SHOP) has released its final quarterly and end-of-year results.
- The e-commerce platform generated C$2.01 billion over 2019
- This is a 47 percent increase compared to 2018
- CEO, Tobi Lütke said 2019 was a “milestone year” for Shopify
- The large increase in revenue is due to increased users joining Shopify’s platform.
- During 2019 Shopify’s share price increased by over 300%
- Shopify expects to generate C$2.8 billion in revenue during 2020
- The company has a market cap of C$64.14 billion
- Shopify (SHOP) leapt up 12.34 per cent today, with shares currently trading at $C736.49
E-commerce platform, Shopify (TSX: SHOP) released its final quarter and end of year financial results today.
The company generated C$669.74 million in total revenue in just the fourth quarter of 2019, which is an increase of almost 50 per cent when compared to the same quarter in 2020.
Their total revenue for the year was C$2.01 billion, which is a 47 percent increase compared to 2018.
“2019 was a milestone year for us,” said Tobi Lütke, Shopify’s CEO.
“We’ve earned the trust of more than one million merchants, and we are motivated more than ever to keep lowering the learning curve so anyone, anywhere can become an entrepreneur.”
The last quarter of the year is always a big earner for Shopify due to the increase in online retail surrounding the holidays. Between Black Friday beginning in New Zealand and the end of Cyber Monday in California, Shopify’s platform processed more than C$3.8 million worth in sales.
The company’s strong year can be attributed mainly to increased numbers of merchants joining the platform throughout 2019.
During 2019, shares in Shopify have increased over 300 per cent.
Looking forward, Shopify is expecting revenue in 2020 to peak around C$2.8 billion. C$583 million of that revenue is expected in the first quarter.
The company has a market cap of C$64.14 billion.
Shopify (SHOP) leapt up 12.34 per cent today, with shares currently trading at $C736.49