Shopify shows it’s here to stay.
This e-commerce platform just won earnings season.
As brick and mortar businesses struggle to find legs to stand on – the e-commerce side of things is booming. And Shopify’s recent performance proves it.
Based in Ottawa, Canada, Shopify (SHOP) is a complete commerce platform that lets you start, grow, and manage a business. And over the years, this business has become a staple in the online space. And on just yesterday, the company reported earnings – and it blew everyone away. Reported Wednesday morning, second-quarter revenue rose 97% to $714.3 million from a year earlier, beating the average analyst expectation of $513.83 million.
And the company explained many factors helped boost revenue, but one of the main factors was Covid-19. With a nationwide shutdown, many stores turned to Shopify to establish their online presence, where shoppers could still support their business.
Where’s the money?
Shopify shares, which investors have been buying up at an unbelievable rate since the pandemic began, have rallied more than 100% over the last six months as consumer and business owners shift commerce online to slow the spread of coronavirus.
When this good earnings news hit the airwaves – the stock moved even higher. Shares rose 7.2% in following the results. This move up extended Shopify’s lead as Canada’s largest company by market value.
And Goldman Sachs just gave investors the green light to buy this e-commerce trailblazer.
Here’s how you can get your piece…
How can I get some?
The converging factors brought on by the fallout from Covid-19 (increased online shopping, people in need of additional income, etc.) created the perfect storm of profits for SHOP.
I’ve been high on this stock for a while, but when my S.C.A.N. trading system alerted me to positive trends arising once again, I knew I had to get in a second time.
As companies and entire industries adapt to a new world, one thing remains constant…
The algorithm that’s the crux of S.C.A.N. – and my Project 303 trading service – continues to analyze millions of data points to lock in on the best opportunities across all markets.
Whatever gets thrown at us, my Project 303 members and I will be ready… and I want you to be too.
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In the Spotlight: This struggling Boeing numbers…
On Wednesday, Boeing revealed that it had lost $2.4 billion over the past three months. It’s not the first sign of trouble we’ve seen for the aerospace giant – but a shocking revelation, no doubt.
On top of this, in a note to employees, Boeing CEO Dave Calhoun admitted that the impact of Covid-19 requires the company to assess its size further. This means Boeing will cut more jobs than the 16,000 – about 10% of its workforce – that it already has.
The company also revealed that it was able to deliver only 20 commercial airplanes last quarter – the lowest number of commercial airplanes delivered in a quarter by Boeing since 1977.
These disappointing numbers seem to be a trend in the airline industry as travel plans dwindle and restrictions ramp back up. But a struggling sector isn’t one without profit opportunities -especially when you trade options.
So, I’ll be keeping a close eye on this one, and I’ll be sure to keep you updated.