Shopify reported second quarter earnings Wednesday that came in stronger than previously expected, thanks in part to a surge in volumes on its e-commerce platform triggered by the global coronavirus pandemic.
Shopify said earnings for the three months ending in June came in at 29 cents per share per share, compared to a loss of 26 cents per share over the same period last year and a Street consensus forecast of 1 penny per share. Total revenues surged 97% to $714.3 million, the company said, while gross merchandise volumes more than doubled to $30.1 billion.
Monthly recurring revenues, Shopify said, was $57 million as of June 30, a 21% increase from the same period last year.
The company said it expects a larger share of retail sales to shift to online commerce, but noted that the "magnitude and duration" of the COVID-19 impact creates greater near-term uncertainty for the group, which declined to provide a current quarter or full-year financial forecast.
So, what does Jim Cramer think about Shopify?
"You don't buy Shopify today," he said. But added that he thinks Shopify is "great," as he's stressed for the last few quarters.
Jim Cramer and Katherine Ross are going live on Street Lightning Thursday, July 30 at 10:30 a.m. ET to discuss all things Apple ahead of a very full slate of tech earnings after the bell Thursday.
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