Here's Why Everyone Should Be Rooting for Shopify
E-commerce software and support company Shopify (NYSE: SHOP) had another blockbuster year. Total revenue for 2019 grew 47% to $1.58 billion, and adjusted net income was $34.3 million -- including a surprise $50.0 million adjusted net profit during the busy holiday shopping period in the fourth quarter.
Of course, the bottom line is of little consequence right now as Shopify remains in spend-happy mode to maximize its revenue potential. And there was plenty for shareholders to like regarding the top line, as management said that 2020 revenues should increase by at least another 35%. Of course, a high-growth stock that barely turns a profit and trades for a steep premium (currently 29.5 times 2020 expected sales at the midpoint of guidance) isn't for every investor. Owner of the stock or not, though, everyone should be rooting for Shopify as it increases its global reach and e-commerce continues its relentless rise.
Image source: Getty Images.
Source Fool.com
