Shopify displaces RBC to become Canada’s most valuable company

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BNN Bloomberg | Ian Vandaelle | May 6, 2020

Shopify vs RBC - Shopify displaces RBC to become Canada's most valuable company

Shopify Inc. has displaced Royal Bank of Canada (RBC) as the nation’s largest public company. The ecommerce platform provider’s market capitalization surged to $120-billion Wednesday afternoon to eclipse that of the nation’s largest lender.

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The lead held past the closing bells on Wednesday, as Shopify ended the session with a market cap of $121.3 billion, compared to RBC’s $120.5 billion.

It’s been a meteoric rise for the Ottawa-based tech darling, with shares up 98 per cent year-to-date amid optimism the company will capture more business as consumers stay at home during the COVID-19 pandemic. Shopify said Wednesday its first-quarter revenue jumped 47 per cent year-over-year to US$470 million.

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