Shares of Shopify closed up 17.8% on Wednesday after the Canadian e-commerce company topped expectations for the second quarter, citing strong demand despite “a mixed consumer spend environment.”
Here’s how the company did compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 26 cents vs. 20 cents expected
- Revenue: $2.05 billion vs. $2.01 billion expected
The company said gross merchandise volume, or the total volume of merchandise sold on the platform, jumped 22% during the quarter to $67.2 billion. That easily topped consensus estimates of $65.8 billion, according to FactSet.
Shopify sells software for merchants who run online businesses as well as services such as advertising and payment processing tools. Jeff Hoffmeister, Shopify’s CFO, said in a statement the company continued to “take share” during the quarter even as consumer spending remains in flux amid a rocky economic backdrop.