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Shopify has been able to fly under the radar as a growing e-commerce power, with a market cap of over $11.6 billion, because its presence and growing ubiquity is not easily known to online shoppers. In early August, Shopify announced that its cloud-based platform now helps run e-commerce sites for over 500,000 merchants.
The Ottawa, Ontario-headquartered firm, which began as a company that sold snowboard equipment online, now helps small and medium-size businesses start and run a sales-based website without any coding or technical computer skills.
The company’s 2016 revenues jumped over 100% year-over-year to $390 million, and Shopify reported $151.7 million in second-quarter sales in 2017, which marked a 75% increase.
The e-commerce company now projects full-year 2017 revenues in the range of $642 million to $648 million. Shopify also narrowed its GAAP operating loss guidance to between $62 million and $66 million.
“Shopify is better than any other platform we’ve played with, and we’ve played with them all.”
JONATHON BAYME, CEO OF THEORY11