By Dhirendra Tripathi
Investing.com – Shopify (NYSE:SHOP) shares rose more than 10% Wednesday as the company reported it more than doubled its revenue for the March quarter.
The company continues to attract more entrepreneurs to launch and grow their businesses.
Shopify reiterated its outlook for 2021, saying revenue during the year will grow rapidly but at a lower rate than in 2020.
It said 2021 adjusted operating income could be below the $437.4 million achieved in 2020.
As more vaccinations happen, some consumer spending will likely rotate back to offline retail and services; and the ongoing shift to ecommerce may resume a more normal pace of growth, the company said.
Total revenue in the first quarter was $988.6 million, up by 110% year-on-year.
Gross merchandise value for the first quarter was $37.3 billion, an increase of $19.9 billion, a sign of strong growth for the platform's business.
Adjusted net income for the first quarter of 2021 was $2.01 per diluted share, compared with EPS of 19 cents in the same quarter a year ago.