Canadian e-commerce company Shopify’s (TSX:SHOP, NYSE"SHOP) second quarter profit came in at more than double what analysts had forecast.
Shopify said it earned $2.24 U.S. a share in the second quarter. Analysts had forecast earnings of $0.98.
The Biden administration’s stimulus package and the sustained momentum of digital commerce trends helped Shopify generate better-than-expected revenue with lower operating costs than anticipated, the company said in a written statement.
Shopify also said that it now expects full-year 2021 operating income to be above 2020 levels. With economies reopening, Shopify said it sees e-commerce growing at a more normalized pace compared to last year.
It was the 24th consecutive quarter that Shopify’s earnings surpassed analysts’ forecasts. Gross merchandise volume was $42.2 billion U.S., up 40% over the second quarter of 2020.
Shopify shares fell 1% to $1,540 U.S. after the second quarter results were announced.
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