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Shopify’s Q2 Revenue Exceeds $1B

Shopify’s Q2 Revenue Exceeds $1B

Shopify's Q2 Revenue Exceeds $1B

Shopify’s Q2 results beat market expectations, with the surge in online shopping continuing to drive momentum for the company.

The company saw its gross merchandise volume (GMV) rise by 40 percent to $42.2 billion, which was higher than the $40.49 billion analysts had expected. Meanwhile, its net income rose to $879.1 million from about $36 million a year before.

Overall, the company reported a revenue of $1.12 billion in Q2, which was higher than analysts’ estimate of $1.05 billion.

This marks the first time Shopify’s quarterly revenue has climbed over $1 billion.

The company has seen its value triple over the course of the last year as consumers’ adoption of digital-first shopping and payment habits has led to a significant uptick in eCommerce growth.

While consumers are now actively engaging in the physical world, their demand for convenience and comfort is continuing to push them to shop digitally.

Shopify has looked to leverage this shift by partnering up with players such as Google and Square, which is also helping it tackle competition from Amazon.

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