Business

Shopify beats quarterly revenue estimates on higher sales

(Reuters) – Canada’s Shopify Inc (SHOP.TO) (SHOP.N) beat Wall Street estimates for quarterly revenue on Wednesday, boosted by Black Friday and Cyber Monday sales on the e-commerce platform.

The company’s total revenue rose 47% to $505.2 million in the fourth quarter ended Dec. 31, from $343.9 million a year earlier. Analysts were expecting revenue of about $482 million, according to IBES data from Refinitiv.

The company posted net income of $771,000, or 1 cent a share, from a loss of $1.5 million, or 1 cent per share, a year ago.

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