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SHOP - Shopify Inc News Story

C$1408.04 -38.6  -2.7%

Last Trade - 07/08/20

Sector
Technology
Size
Large Cap
Market Cap £96.91bn
Enterprise Value £93.84bn
Revenue £1.59bn
Position in Universe 1st / 2679

Walmart partners with Shopify to expand online marketplace business

Mon 15th June, 2020 1:07pm
June 15 (Reuters) - Walmart Inc  WMT.N  said on Monday it
has partnered with e-commerce firm Shopify Inc  SHOP.TO 
 SHOP.N , as it looks to expand its online marketplace business
and cash in on the coronavirus-driven jump in online shopping.
    Online sales at retailers, from cosmetics makers to pizza
chains, have boomed in the wake of the COVID-19 pandemic, which
has forced customers to stay indoors. 
    Bentonville, Arkansas-based Walmart said it expects to add
1,200 Shopify sellers to its marketplace this year and the
partnership was focused on adding small- and medium-sized U.S.
businesses to its platform, Walmart.com. (https://bit.ly/2YvxHOg)
    Last month, the company reported a 74% surge in quarterly
e-commerce sales and discontinued operations at e-commerce
start-up Jet.com, which it had acquired for $3.3 billion in
2016.
    U.S.-listed shares of Shopify rose about 3% in pre-market
trading. They have soared 87% so far this year. 
    

 (Reporting by Praveen Paramasivam in Bengaluru; Editing by
Aditya Soni)
 ((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646
223 8780 (Extn. 3478), outside U.S. +91  80 6182 3478;))
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