Shopify revenue up $528.6m from last year

Shopify has announced a first quarter revenue of $998.6 million, up 110 per cent from  $470 million last year.

The ecommerce giant also reported a net income for the first quarter of $1.3 billion  million, compared last year’s net loss of $31.4 million.

The pandemic’s role in driving global ecommerce has been cited as the reason for Shopify’s growth as entrepreneurs and small business owners chose the platform to market their brands.

Shopify’s pandemic growth at the onset of the pandemic has yet to slow with businesses flocking to the app in the early months of 2021.

READ MORE: Shopify doubles revenues for 3rd consecutive quarter

“Our singular focus is on making entrepreneurship easier and making it easier for enterprises to succeed,” Shopify president Harley Finkelstein said.

“(Shopify) helps them compete in any retail environment and engage directly with their customers wherever they are.”

The development of its all-inclusive mobile shopping assistant, Shop, has been a success of the last 12 months, with over 107 million users registered to the app by the end of the first quarter.

Shopify also expanded their partnership with popular social media platform Pinterest which helped more merchants showcase their products online to help them reach more customers.

Figures show that about 45,800 partners referred a merchant to the ecommerce platform over the last year, an increase of 73 per cent year-on-year.

The company expects its first quarter will be the smallest contributor to its full year revenues as it seeks opportunities to accelerate innovation in global ecommerce.

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