The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
OTTAWA, Canada — Canadian e-commerce company Shopify Inc on Wednesday posted better-than-expected quarterly earnings, helped by higher holiday sales, and forecast full-year revenue above Wall Street estimates, sending its US-listed shares up about 9 percent.
Shopify lets small businesses sell goods and services to customers by setting up stores on its platform. Last year, it set aside over $1 billion to build fulfilment centres in the United States as it takes on larger rivals Amazon.com Inc and EBay Inc.
For full year 2020, it forecast revenue in a range of $2.13 billion to $2.16 billion, above the average analysts' average estimate of $2.11 billion according to IBES data from Refinitiv.
Shopify reported worldwide sales of over $2.9 billion between Black Friday and Cyber Monday, up about 61 percent from the same period in 2018.
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The company posted net income of $771,000, or 1 cent per share, for the quarter ended December 31, compared with net loss of $1.5 million, or 1 cent per share, a year earlier.
Excluding items, it earned 43 cents per share, beating the average estimate of 23 cents per share.
The Ottawa-based company's total revenue jumped 47 percent to $505.2 million from $343.9 million a year earlier, also beating the estimate of $482.5 million.
By Ambhini Aishwarya; editor: Shinjini Ganguli.
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.