Shares of Shopify (SHOP) were down 3% in early trading on Wednesday despite the e-commerce platform reporting Q2 results that beat analysts' estimates. Revenue hit $1 billion for the first time due to record gross merchandise volume (GMV). Revenue came in at $1.12 billion for the quarter ended June 30, an increase of 57% from $714.3 million in the prior-year quarter. Meanwhile, net income was $879.1 million ($6.90 per share), an improvement from $36 million ($0.29 per share) in Q2 2020. On an adjusted basis, Shopify earned $2.24 per share, up from $1.05 in the prior-year period. Both revenue and earnings beat expectations.
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Shopify (NYSE:SHOP)
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