Alphabet Inc (GOOG)

[DiscoverGold]

Shopify to Expand Shop Pay to Facebook, Google
By: TheStreet | June 15, 2021

• Shopify for the first time is expanding its Shop Pay payments system past its own platform.

Shares of Shopify(SHOP) were higher after the company unveiled a plan to expand its Shop Pay payments system beyond merchants who use its e-commerce platform.

Shop Pay will now be on Facebook's (FB) core platform as well as Instagram during the summer. The company will then expand to Alphabet's (GOOGL) Google later in the year.

"By bringing Shop Pay to all merchants regardless of the commerce platform they use, we're making an industry-leading checkout more accessible to independent brands at a time when finding and converting customers has never been more important," the company said in a blog post.

Shopify shares at last check were rising 1.6% to $1,327.40. Year to date, the stock is up more than 17%.

This is the first time the company is making one of its products available for merchants outside the Shopify platform.

Shopify has been expanding its partnerships in recent weeks, including a $1.3 billion investment in San Francisco commerce platform Affirm Holdings (AFRM).

In April, the company surged after the company said merchant sales helped it top Wall Street estimates.

Shopify reported net income of $1.26 billion, or $9.94 a share, a swing from a year-earlier loss of $31.4 million, or 27 cents a share.

Adjusted net income came to $2.01 a share, while the FactSet consensus forecast called for 74 cents.

Revenue more than doubled (up 110%) from a year earlier to $988.6 million, beating analysts' consensus estimate of $859 million.

Gross merchandise volume from merchant customers climbed 114% to $37.3 billion.

Read Full Story »»»

DiscoverGold