E-commerce firm Shopify Inc. (NYSE: SHOP) reported second quarter 2020 earnings results today.
Total revenues increased 97% to $714.3 million.
Net income was $36 million, or $0.29 per share, compared to a net loss of $28.7 million, or $0.26 per share, for the same period last year. Adjusted net income was $129.4 million, or $1.05 per share.
Shopify stated that the COVID-19 pandemic has accelerated the growth of ecommerce, shifting a larger share of retail spending to online commerce, and the company believes this trend will continue. However due to the significant uncertainty that still persists, the company is not providing an outlook for the third quarter or the full year of 2020.
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