Shopify’s Q2 results beat estimates as eCommerce shines. The company reported revenue of $241 million, up from $236 million in the previous quarter and beating analysts’ expectations by 5 percent. It also boasted a healthy 30% increase in gross merchandise volume to $8 billion for the quarter. Shopify’s success is largely attributed to its ability to attract more merchants who are flocking to sell online via mobile devices or desktop computers due to convenience and lower costs than traditional stores. Shopify has been able to capitalize on this growing trend with great success over recent quarters, with annualized recurring revenue increasing 39% year over year and an enormous 2,200 new customer signings per day on average during the quarter.
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