Second quarter sales grow 97% as e-commerce platform attracts more large sellers online
Picture: 123RF/YAZAYO
Gross merchandise volume, a key metric that represents the value of all goods sold through Shopify’s platform, surged 119% from a year earlier or to $30.1bn. Analysts were expecting a 49% increase to $20.6bn. Sales of food, beverages and tobacco doubled over the first quarter, the company said. New stores created on the Shopify platform grew 71% in the second quarter compared with the first quarter, driven in part by the company’s decision to extend the free-trial period on standard plans from 14 days to 90 days.
Still, the company chose not to provide forecasts for the third quarter, citing uncertainty surrounding Covid-19. It said it’s monitoring the impact of rising unemployment on new store creation, consumer spending habits and the rate at which brick-and-mortar merchants move online. The tech company suspended its forecast full-year forecast in April.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
An Eastern Cape woman buried for a second timeThe family of the late Nomawethu Mbishi had to bury the woman for the second time on Wednesday after the wrong body was released to them.
Read more »
WATCH: More support for Smokers United SA’s second protestProtesters wore orange masks and tied orange balloons to parts of their vehicles to signify they have been criminalised for their choice to smoke.
Read more »
MARKET WRAP: JSE gains for a second day while focus shifts to US stimulusLocally, investors will be watching the consumer inflation print for June, due on Wednesday
Read more »
Winde says unemployment due to Covid-19 is the second pandemicWinde expressed concern over unemployment in the province, referring to it as the second pandemic. Covid_19 lockdown TheCapeArgus
Read more »
Countries impose new restrictions as Covid second wave threatensLocal transmissions in parts of China rise to the highest since early March, Vietnam locks down Danang and Australia warns Melbourne lockdown may be extended
Read more »
Coronavirus hits McDonald’s right in the profitsMcDonald's reported a steep drop in second-quarter profits Tuesday on much lower sales due to coronavirus closures that affected most of the chain's worldwide network.
Read more »