July 29 (Reuters) - Shopify Inc SHOP.TO beat analysts' estimates for quarterly revenue and profit on Wednesday, as more brick-and-mortar businesses listed on the Canadian e-commerce firm's platform to cash in on a surge in demand during COVID-19 lockdowns.
U.S.-listed shares of Shopify, which in May briefly became Canada's most valuable company, rose about 7% before the bell.
New stores created on the platform jumped 71% in the second quarter from the first quarter.
Shopify's gross merchandise volume (GMV), a metric used to measure transaction volumes, more than doubled to $30.1 billion in the quarter, shooting past analysts' estimates of $18.45 billion.
Revenue rose about 97% to $714.3 million from a year earlier, beating the average analyst estimate of $513.83 million, according to Refinitiv IBES data. items, it reported earnings of $1.05 per share, while analysts had expected a profit of 1 cent per share.