Shopify Inc (NYSE: SHOP) is one of the US stocks handpicked for our Investing in 2021: 9 Stocks to Consider Buying for the New Year report.
The global commerce company just released a strong set of financial results for the full year ended 31 December 2020.
Let’s take a look at how Shopify managed to boost its revenue and what its future looks like post-pandemic.
TL;DR: Shopify’s 2020 Financial Results
Here’s a summary of Shopify’s latest financials:
- Shopify’s total revenue for 2020 surged 86% year-on-year to US$2.93 billion.
- The company turned a net profit of US$319.5 million for the year, an improvement from the loss of US$124.8 million seen in 2019.
- Shopify’s balance sheet remained healthy, as of 31 December 2020.
- COVID-19 accelerated e-commerce adoption for Shopify. Going into 2021, the sharp revenue growth is likely to taper off.
Shopify’s Revenue Growth Fuelled by the Pandemic