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Shopify drops despite crushing revenue, profit estimates – BNN

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Shopify Inc. defied market expectations in the third quarter, posting stronger-than-expected results as the global pandemic continued to push shoppers and companies onto online platforms.

Revenue at Canada’s largest company by stock market value nearly doubled to US$767.4 million while adjusted earnings were US$1.13 per share, more than twice analysts’ estimates of 52 cents.

“The accelerated shift to digital commerce triggered by COVID-19 is continuing, as more consumers shop online and entrepreneurs step up to meet demand,” Shopify President Harley Finkelstein said in the earnings statement.

The shares initially rose in premarket trading, then fell back. Shopify was down 2.1 per cent to $1,335.88 in Toronto trading as of 9:40 a.m.

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Key Insights

  • Gross merchandise volume — a measure of product sales flowing through its platform — was $30.9 billion, an increase of 109 per cent over the third quarter of last year, reflecting strong e-commerce spending by consumers. It was the second straight quarter in which GMV more than doubled on a year-over-year basis.
  • The company continued to gain traction in new services it offers to customers. Shopify said 51 per cent of eligible merchants in the U.S. and Canada used Shopify Shipping in the third quarter of 2020, versus 45 per cent in the third quarter of 2019.

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Its lending business is growing as well. Merchants in the U.S., Canada and the U.K. received US$252.1 million in merchant cash advances and loans from Shopify Capital in the quarter, an increase of 79 per cent from the amount received by U.S. merchants in the same quarter last year.

The company expects its model to remain popular with buyers and sellers in the pandemic but cited macro risks in its decision not to provide fourth quarter or full-year guidance.

“These include unemployment, fiscal stimulus, and the magnitude and duration of the Covid-19 pandemic, all of which may impact new shop creation on our platform and consumer spending”: Shopify

Chief Executive Officer Tobi Lutke said in a conference call with analysts that he remains skeptical about acquisitions. “The opportunity cost of integrating is enormous,” he said. “We are trying to take a broad picture perspective. This has made us potentially more careful but I also think just more realistic.”

Founded in 2004, the Ottawa-based firm’s core business is helping retailers get online quickly and cheaply. But it has expanded to offer an ever-widening suite of services, including lending, payments and shipping solutions.

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'People should not go out' — Pandemic hitting Windsor-Essex harder than ever, top doc says – Windsor Star

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Roughly 1,000 of those cases were reported since Nov. 1

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows the breakdown of COVID-19 exposure types in the region as of Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows the breakdown of COVID-19 exposure types in the region as of Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

Approximately 25 per cent of recent cases have no epidemiological link, Ahmed said, meaning those individuals do not have a known exposure source, like a household contact with COVID-19 or exposure through a known workplace outbreak. In other words, a quarter of the region’s cases are being attributed to community spread.

The other most common infection source is household contact.

“When someone is infected, they are potentially infecting pretty much everyone else in their house,” Ahmed said. “Maybe, yes, you are healthy. Maybe you can recover from the virus, but some people cannot…. It’s something to be mindful of in terms of our responsibility in our activities when we are not at home.”

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows the region's rate of COVID-19 infection is roughly 73 cases per 100,000 population as of Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows the region’s rate of COVID-19 infection is roughly 73 cases per 100,000 population as of Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

The case rate for Windsor-Essex is currently 73 per 100,000 population, far exceeding the 40 case threshold that landed the region in the “red zone” with tightened restrictions on social gatherings, among other things.

Wastewater COVID-19 surveillance being performed by a team of University of Windsor researchers shows the prevalence of virus indicators in wastewater — shed by residents in fecal matter — is “clearly surpassing the active cases, so in the next couple of weeks we may see more cases,” Ahmed said.

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows wastewater data collected by a team of University of Windsor researchers looking at the presence of COVID-19 indicators in the region's fecal matter on Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows wastewater data collected by a team of University of Windsor researchers looking at the presence of COVID-19 indicators in the region’s fecal matter on Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

Last week, approximately 6,500 COVID-19 tests were completed in Windsor-Essex, with about four per cent of those tests coming back positive.

To deal with the increased demand for testing, Erie Shores HealthCare is expanding its testing capacity and adding 50 additional appointments to its schedule, Ahmed said. That announcement comes one day after the top public health doctor expressed his concern over a days-long wait for testing appointments in the region.

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How the Wealthy Could Start a Black Market for Vaccines – Inside Edition

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  1. How the Wealthy Could Start a Black Market for Vaccines  Inside Edition
  2. Facebook to remove COVID-19 vaccine-related misinformation  CTV News
  3. How many people need to be vaccinated for a return to normal?  Quartz
  4. Belgium’s only dry ice manufacturer overloaded | Corona vaccine | COVID-19 | World News  WION
  5. Hackers target groups in COVID-19 vaccine distribution, says IBM  Reuters
  6. View Full coverage on Google News



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COVID-19: Alberta positivity rate reaches milestone of 10.5 per cent, province adds 1,828 new cases – Edmonton Journal

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Yiu said AHS also plans to increase the number of people who do contact tracing to 1,800 by the end of the year. She said it has been challenging to keep up with the demand following the surge in cases over the past six weeks.

Meanwhile, health-care workers are asking Albertans to stay home if they can and wear a mask at all times if they have to go out in public. In a media release on Friday, United Nurses of Alberta president Heather Smith said health-care workers won’t be able to get the virus under control if Albertans don’t follow public health measures.

On Thursday, Edmonton Public Schools recorded single cases linked to Bessie Nichols, Calder, Dr. Lila Fahlman, Homesteader, Eastglen, McNally, Harry Ainlay, Queen Elizabeth, Delton, Jan Reimer, T.D. Baker, Crawford Plains, Thorncliffe, Stratford, Kim Hung, Ross Sheppard and Evansdale. Two cases were linked to Mount Royal, Dr. Margaret Ann Armour and M.E. LaZerte.

Edmonton Catholic School Division recorded single cases linked to St. Francis Xavier, St. Elizabeth, St. Peter Centre, LINC – Daytime program, LINC – Evening program, Archbishop MacDonald, St. Oscar Romero,  St. Bonaventure, Our Lady of the Prairies, Mother Margaret Mary, LINC One World One Centre, St. Edmund and Holy Trinity. Two cases were linked to Our Lady of Peace.

Across Canada, there are 69,255 active cases and 12,407 deaths related to COVID-19 as of Thursday.

jlabine@postmedia.com

Twitter.com/jefflabine

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