(Bloomberg) -- Shopify Inc. surged on Wednesday to become Canada’s most valuable company -- but can the e-commerce giant survive being No. 1?Ottawa-based Shopify edged past Royal Bank of Canada to become the largest publicly listed company in Canada. The achievement comes with a dubious distinction, however: those that leapfrogged the value of Canada’s largest bank in the past have faltered.Royal Bank, incorporated in 1869, has been Canada’s most valuable company for years, but has been been eclipsed on a few occasions. Shopify closed with a market value of C$121.3 billion ($85.6 billion), surpassing Royal Bank’s C$120.5 billion.The last company to surpass Royal Bank’s market capitalization was drugmaker Valeant Pharmaceuticals International Inc. in July 2015. Months later, the value of the Quebec-based company plunged amid controversies over business practices, accounting and drug pricing. Valeant has since been renamed Bausch Health Companies Inc. and has new management and a different ticker symbol.Before...
"In March, the deteriorating environment resulting from COVID-19 further impacted PayPal's business, affecting both volumes and revenue generated from travel and events verticals as well as impacting credit income," the company said. PayPal processed $191 billion in payments in the first quarter, up 18% from a year earlier, but missed analysts' estimates of $194.23 billion. Operating income was reduced by a $237 million increase in credit loss reserves, the company said, even though it added it was seeing volumes recover in the second quarter, helped by a surge in ecommerce....
Lyft announced its first-quarter results after-hours on Wednesday. The ride-share company saw significantly better-than-expected numbers on its top line, although the number of its active riders was less than investors’ expectations. Yahoo Finance’s Myles Udland breaks down Lyft’s earnings report....
Shares in Lyft rose over 18% in after-hours trading. Shares of larger rival Uber Technologies Inc were up 9%. Lyft's earnings also serve as an indicator for the performance of Uber, which will report results on Thursday....
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
