Shopify quarterly revenue beats, sees slower revenue growth in 2021

Shopify Inc’s holiday quarter revenue nearly doubled and beat Wall Street estimates as more businesses flocked to the Canadian company’s e-commerce tools to sell online during the COVID-19 pandemic.

The, company, however, expects slower revenue growth this year from 2020 on vaccine rollouts.

Revenue rose to $977.7 million in the fourth quarter ended Dec. 31, from $505.2 million a year earlier.

Analysts on average had expected $910.2 million, according to IBES data from Refinitiv.

The cloud-based company’s platform enables sellers to set up stores online and also offers payments and shipment tracking services, attracting thousands as curbs imposed during the health crisis worldwide accelerated a shift to e-commerce.

The Ottawa-based company raked $5.1 billion in sales during the Thanksgiving weekend last year, up 76% from a year earlier.