BNN Bloomberg | Ian Vandaelle | May 6, 2020

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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