Canada's Shopify beats quarterly revenue expectations

Canada's e-commerce giant Shopify Inc beat second-quarter revenue expectations on Wednesday, on the back of a resilient online shopping trend precipitated by the COVID-19 pandemic.

The company reported revenue of $1.12 billion for the quarter ended June 30, compared with analysts' average estimate of $1.05 billion, according to IBES data from Refinitiv.

This is the first time ever that Shopify's quarterly revenue has shot above $1 billion.