Canada's Shopify Inc on Wednesday beat revenue estimates for the holiday quarter as a boom in online shopping drives strong demand for its tools and services that cater to e-commerce.

Revenue was $1.38 billion for the fourth quarter ended Dec. 31, compared with $977.7 million a year earlier. Analysts were expecting $1.33 billion, according to Refinitiv data.

Gross merchandise volume, which is the total amount of sales the company raked in, was $54.1 billion, an increase of 31%.

Ottawa-based Shopify helps merchants set up their online stores through subscription-based software and offers other ancillary services from shipping to payment processing.

  - Reuters