As the pandemic pushed buyers towards e-commerce channels, platforms like Shopify enjoyed exponential growth. Shopify’s net income for Q1 2021 was $1.2 billion, or $9.94 per diluted share, compared with a net loss of $31.4 million, or $0.27 per diluted share in Q1 2020. Its revenue increase 110% year-over-year (YoY), primarily driven by increased online sales.
“It’s been more than a year since the global pandemic began, which triggered e-commerce to grow at a rate that has transformed the traditional retail model,” Shopify President Harley Finkelstein said during the earnings call. “Merchant sales growth on our platform accelerated in the first quarter as merchants leveraged our modern commerce technology.”