Shopify's second quarter results benefited from a surge in small businesses going digital in a hurry and leveraging e-commerce amid theCOVID-19 pandemic.
The companyreported revenueof $714.3 million, up 97% from a year ago, with net income of $36 million, or 29 cents a share. Non-GAAP earnings were $1.05 a share.
Shopify was expected to report second quarter sales of $513.8 million with non-GAAP earnings of a penny a share. Estimates have had wide ranges due to economic uncertainty.
Tobi Lütke, Shopify's CEO, said there has been a "rapid shift to online commerce" and a growing conviction in "distributed entrepreneurship" over conventional employment.
Quarterly highlights:
Shopify didn't provide an outlook for the third quarter or 2020. The company said:
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