Boom in online orders from consumers sheltering at home during the outbreak boosted sales across e-commerce firms, encouraging small- to medium-sized businesses to create an online presence.Shopify generates revenue by selling subscription to merchants looking to join its e-commerce platform and by charging them payment processing and transaction fees along with other paid logistics services.
The Canadian company’s gross merchandise volume , a metric used in the e-commerce sector to measure transaction volumes, surged 109 per cent to US$30.9 billion in the quarter, the highest since its IPO in 2015. Revenue, for the quarter ended Sept. 30, came in at US$767.4 million, a 96 per cent surge on-year, and above analysts’ estimate of $663.4 million, according to IBES data from Refinitiv.
And the stock tanks anyway.
Anyone know why their stocks are down today?
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