(Reuters) – Shopify Inc (SHOP.TO) said more people were shopping online as the COVID-19 crisis kept them at home, helping the Canadian e-commerce company post a surprise adjusted profit for the first quarter and sending shares to a record high.
FILE PHOTO – An employee works at Shopify’s headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie
Online retailers such as Shopify and eBay Inc (EBAY.O) have seen higher-than-usual demand during the coronavirus outbreak as governments around the world order people to stay indoors in an effort to contain the spread of the disease.
The Ottawa-based company’s NYSE (SHOP.N) and TSX-listed shares rose 5% in morning trade on Wednesday.
Shopify’s gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, surged 46% to $17.4 billion in the quarter, beating estimates of $16.58 billion, according to IBES data from Refinitiv.
New stores created on the company’s online…
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