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Shopify soars as pandemic pushes more businesses to e-commerce [Video]

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The Ottawa headquarters of Canadian e-commerce company Shopify is pictured on Wednesday, May 29, 2019.

The Canadian Press

The rush of small businesses into e-commerce during the pandemic helped Shopify Inc.‘s revenue double last quarter as its shares continued to soar upward, weeks after becoming Canada’s most valuable company.

Revenue for the quarter ending June 30 was US$714-million, up 97 per cent from US$362-million a year earlier. The Ottawa retail platform company posted a profit of US$36-million – its second profitable quarter as a public company, after a loss of US$29-million in the same quarter last year.

Shopify’s public profile has surged since the pandemic began. It has expanded services such as the Shopify Capital business-loan program and introduced a consumer-focused app to drive more buyers to its merchants, deepening its push into Amazon.com Inc.‘s territory as a centralized marketplace.

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The company also partnered with the federal governmentfor several support programs to …

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