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.