Shopify Earnings Beat as More Merchants Use Platform for Online Reach

Twitter CEO Says Its Platform Has No Power to Influence Elections

Twitter CEO Jack Dorsey told Sen. Ted Cruz (R-Texas) at a Senate committee hearing Wednesday that Twitter does not have the ability to sway elections because the social media giant is only one platform used to disseminate information. During the hearing of the Senate Committee on Commerce, Science and Transportation, Cruz pressed Dorsey about whether his company has the power to influence elections. “No, we are one part of a spectrum of communication channels that people have,” Dorsey said, adding, “people have choice of other communication channels.” Cruz responded by saying, “if you don’t think you have the power to influence elections, why do you block anything?” Dorsey replied by saying Twitter has “policies that are focused on making sure that more voices on the platform are possible,” adding that, “we see…

Canada’s Shopify Inc. beat Wall Street estimates for third-quarter earnings on Thursday as more brick-and-mortar retailers opted for its e-commerce platform to tap a surge in online shopping due to the coronavirus crisis.

Online business is booming globally as the pandemic keeps consumers indoors, pushing companies to tap the internet to reach their customers, while helping companies such as Shopify that provide technology and logistics services to power e-commerce.

Shopify’s gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, more than doubled to $30.9 billion in the quarter, the highest since its initial public offering in 2015.

The company said its monthly recurring revenue rose 47 percent to $74.4 million as more merchants on free trials converted into paying subscribers.

“With consumers and retail moving online, new business formation is likely to focus more on digital than physical, that can support strong growth for Shopify even post the peak of the pandemic,” Wedbush analysts Ygal Arounian said.

Revenue nearly doubled to $767.4 million for the quarter, beating analysts’ estimate of $663.4 million, according to IBES data from Refinitiv.

Excluding items, Shopify reported earnings of $1.13 per share, beating estimates of 53 cents.

U.S.-listed shares of Shopify rose 2.5 percent in early trade.

By Ayanti Bera

Focus News: Shopify Earnings Beat as More Merchants Use Platform for Online Reach

Democratic Mayor of Small Working Class Pennsylvania Town Endorses Trump

A Democratic mayor of a small Pennsylvania town is endorsing President Donald Trump. The mayor of聽Carbondale, Justin Taylor, has been a Democrat his whole life, but now says the Democratic Party has changed and is moving toward socialism. He鈥檚 endorsing Trump in part because he spurred economic growth, and slashed corporate tax rates. From NTD News Focus News: Democratic Mayor of Small Working Class Pennsylvania Town Endorses Trump