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(Bloomberg) — Shopify Inc. surged Wednesday to become the most valuable company in Canada after reporting what Citigroup called a “blowout” quarterly performance.
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The e-commerce provider’s market capitalization rose to C$275 billion, surpassing Royal Bank of Canada in value once again. Shopify eclipsed the bank five years ago but lost the No. 1 spot in 2022, when it fell victim to what was known as the Canadian market curse. The curse is a reference to other public companies that have edged past the country’s largest bank and subsequently saw their shares drop dramatically, including BlackBerry Ltd., Encana and Nortel Networks.
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Shopify shares jumped 21% as of 9:46 a.m. New York time after releasing quarterly results that beat expectations before the market open.
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The Ottawa-based company has been able to gain an even greater share in the e-commerce market, particularly outside of North America, said Bloomberg Intelligence analyst Anurag Rana in a note.
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“We suspect this is a result of Shopify’s efforts to bring larger merchants onto the platform, rather than a tariff-driven pull-forward in demand, given its strong 3Q sales outlook,” Rana wrote.
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Shopify “flew through” any tariff and macroeconomic uncertainties with a strong second quarter, said Citigroup Global Market analyst Tyler Radke in a note. He added that investors were mixed on Shopify heading into the quarter, but a “blowout” gross merchandise volume boost, accelerating revenue and stronger top-line guidance should offset concerns around the third quarter.
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“Our initial read is this is a function of continued accelerated share gains, and potentially accelerated purchasing ahead of de minimis tariffs,” Radke wrote.
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