Shopify, a Canadian e-commerce hotshot reported its second-quarter financial performance which is nothing but happy news for them. Like Microsoft and Apple, its shares are experiencing a muted reaction to the better-than-expected results.
In the second quarter of the present year,2021, the platform reported revenues of $1.12 billion, up 57% on a year-over-year basis. The company’s subscription products grew 70% to $334.2 million, while its volume-driven merchant services drove their own top line up 52% to $785.2 million. Hence, Shopify has seemed to done better even when investors had anticipated reporting revenue of $1.05 billion.
Despite the COVID-19 pandemic, this platform’s revenue spiked, the reason being that small businesses ramped up digital commerce operations. Furthermore, Shopify has also expanded its platform which has paid off by creating such a fruitful quarter of 2021.