Shopify Reports First Quarter Revenue Growth of 47% Year on Year | Financial Buzz

Shopify Reports First Quarter Revenue Growth of 47% Year on Year

Shopify Inc. (NYSE: SHOP) (TSX: SHOP) reported financial results for the first quarter.  Although coronavirus has hindered commerce on a global scale, especially small and medium sized business, it has quickened and enhanced the purchase habits to ecommerce.  Shopify helps entrepreneurs start their online businesses to adapt an evolving commerce landscape and manage the current environment. 

The company introduced an extended 90 day trial for standard plan signups, in-store/curbside pickup and delivery and multiple online resources to support merchant as a few initiatives to combat the coronavirus pandemic

“The vast majority of people are employed by small businesses, and they struggle the most during a crisis,” said Tobi Lütke, Shopify’s CEO. “The spread of COVID-19 is going to be a tough time for all entrepreneurs. We are working as fast as we can to support our merchants by re-tooling our products to help them adapt to this new reality. Our goal is that, because Shopify exists, more entrepreneurs and small businesses will get through this.”

“Now more than ever, Shopify needs to be there for our merchants, so our focus during these challenging times is to help solve their immediate pain points,” said Amy Shapero, Shopify’s CFO. “We are well positioned to help our merchants, particularly given the accelerated shift to online commerce. Our strong balance sheet provides us with the flexibility to continue investing in the right merchant-first initiatives, supporting our merchants’ success now and well into the future.”