By Adriano Marchese
Canadian e-commerce company Shopify Inc. said Wednesday that profit soared in the second quarter, benefiting from a rise in revenue and net gains on its equity investments.
Shopify said earnings per share were $6.90, up from 29 cents a year earlier.
Net income was $879.1 million, compared with $36 million. The company said it benefited from a $778 million unrealized net gain on its equity investments.
Adjusted earnings were $2.24 a share, beating analyst expectations of 97 cents, polled on FactSet
Revenue rose to $1.12 billion from $714.3 million, with subscription solutions revenue rising 70% to $334.2 million as more merchants joined the company's platform, it said.
"Shopify fired on all cylinders in our second quarter, keeping our merchants well equipped to seize the opportunities presented in a post-pandemic retail era," Chief Financial Officer Amy Shapero said.
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(END) Dow Jones Newswires
July 28, 2021 07:44 ET (11:44 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.