Shopify CEO Tobias Lütke. Photo credit: David Fitzgerald/Collision via Sportsfile, under Creative Commons license

E-commerce company Shopify has released its financial results for the second quarter of this year, indicating revenues of $714 million, up 97% year-over-year. Gross Merchandise Volume for the quarter came at $30 billion, up 119% year-over-year. Shopify apparently performed exceedingly in the second quarter of this year, notably at a time when the coronavirus pandemic has largely driven up online e-commerce activity. New stores created on Shopify during the quarter grew 71% year-over-year.

During the quarter, Shopify recorded $36 million in net income, compared to a net loss of $29 million in the same quarter last year. As at the end of the second quarter, Shopify had $4 billion in cash and cash equivalents, boosted by a share offering that brought in $1.5 billion in new cash for the company.

“The strength of Shopify’s value proposition was on full display in our second quarter,” Amy Shapero, Shopify’s CFO, said in a press statement. “We are committed to transferring the benefits of scale to our merchants, helping them sell more and sell more efficiently, which is especially critical in this rapidly changing environment. With our strong balance sheet and through prudent capital allocation, we remain well positioned to continue solving critical pain points for our merchants and contribute to their success for years to come.”