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Shopify looks to new markets, expanded products to keep the growth train going in 2021

Shopify CEO Tobias Lutke participates in the company's Annual General Meeting of Shareholders in Ottawa in May 2019. The Canadian Press/Justin Tang

Shopify reported US$977.7 million in revenue in the fourth quarter of 2020, a 94 per cent boost year over year, goosed by a record holiday shopping season as well as retailers and consumers’ pandemic-induced shift online.

The Ottawa-based firm exceeded analyst expectations with Wednesday’s earnings, with adjusted net income per share of $1.58, compared to the $1.28 consensus estimate compiled by FactSet. But the stock dropped in early trading Wednesday, after the company declined to provide forecasts for this year. It instead said it would increase spending on engineering hiring and international uptake, suggesting a strategy for continued growth beyond this last pandemic-driven year. 

Here’s a breakdown of the metrics that matter in Wednesday’s earnings:

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