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Shopify Inc. passed Royal Bank of Canada as the country’s most valuable company on Wednesday after the Ottawa retail software provider posted stronger-than-expected first-quarter results, joining other e-commerce giants that have had a similar lift as shoppers do more buying online during the pandemic.
Shopify, whose platform is used by more than one million merchants to sell products online and in stores, saw its market capitalization top $121.2-billion on Wednesday, passing RBC at $120.5-billion. The shares rose 6.9 per cent after the company posted US$470-million in revenue in the quarter ended March 31, up 47 per cent from the same period a year ago and well above analyst expectations.
Shopify surpasses RBC as Canada’s most valued stock. Should investors worry?
Whether Shopify can hold its position as Canada’s most valuable company is an open question, however, as some analysts have cautioned the stock may have gotten ahead of itself, particularly …
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