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What Is the Forecast for Shopify?

Last updated on October 1, 2022 @ 5:29 pm

What is Shopify?

Shopify is a Canadian e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems.

PRO TIP: Shopify is a publicly traded company on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol SHOP. As of June 2020, the company had a market capitalization of $37.4 billion.

The company reported revenue of $1.58 billion for the first quarter of 2020, an increase of 47% from the first quarter of 2019. The company’s net income for the first quarter of 2020 was $128.8 million, or $0.83 per share, compared to a net loss of $28.6 million, or $0.19 per share, for the first quarter of 2019.

Shopify has been growing rapidly in recent years and is expected to continue to do so in the future. However, there are risks associated with investing in Shopify, including the company’s dependence on its platform and its reliance on merchant success.

Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment. Lütke used the open source web application framework Ruby on Rails to build Snowdevil’s online store, and launched it after two months of development.

The team migrated the store to Shopify’s platform later that year. Weinand and Lake quit their jobs as web designers to work on Shopify full time after witnessing the rapid growth of Snowdevil.

What is the Forecast for Shopify?

The forecast for Shopify looks very promising! They are a well-established company with a solid platform that has a lot of features small businesses need to succeed.

In addition, they are always innovating and expanding their offerings. For these reasons, we believe Shopify will continue to be a leader in the eCommerce space.

Kathy McFarland

Kathy McFarland

Devops woman in trade, tech explorer and problem navigator.