Why Shares of Shopify Popped 20% in August

Why Shares of Shopify Popped 20% in August

Shares of Shopify (NYSE: SHOP) popped 20.1% last month, according to data provided by S&P Global Market Intelligence, after the company reported 75% year-over-year revenue growth and 83% year-over-year gross profit growth in the second quarter.

Shopify's growth story continued in the second quarter, with revenue, gross profits and other key metrics all jumping by high-double-digit percentages. Aside from the company's revenue and gross profit gains, Shopify also saw its merchant solutions revenue pop 64% and its gross payment volume jump 74% year over year.  

Image source: Shopify.

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Source: Fool.com