R|T: The Retail Times – Shopify’s revenue jumps but beware Amazon’s Trojan horse

Shopify building
Plus: Proposed regulations for Retail Payment Activities Act open for public comment.

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Shopify posts 26 percent YoY revenue jump, but growth still below pandemic highs (BETAKIT)

The Ottawa-based e-commerce giant released its Q4 and full-year 2022 financial results today following market close, posting total revenue of $1.7 billion in Q4 and topping analyst expectations.

Shopify and Amazon Are Negotiating Buy With Prime Terms (INSIDER)

Buy with Prime allows sellers to offer Prime benefits — like fast shipping, free delivery, and free returns — on websites outside of Amazon.com. Shoppers on these sites see a Buy with Prime button along with shipping information, and they can check out using the payment and shipping information stored in their Amazon account.

But despite the optimistic tone, many analysts see Buy with Prime as a "Trojan horse" that would allow Amazon to capture revenue that Shopify would earn when customers make a purchase from their merchants.

Newly-named Canada Innovation Corporation will see budget double to absorb IRAP (BETAKIT)

The newly-dubbed Canada Innovation Corporation (CIC) will be a Crown corporation led by the private sector. While the CIC will operate independently from the government it will report to the minister of innovation, science, and industry.

Airbnb beats on profit and revenue, stock is up (CNBC)

Revenue for the fourth quarter was up 24% year over year. Airbnb reported $319 million in net income for the quarter, up from $55 million a year earlier, and adjusted earnings before interest, taxes, depreciation, and amortization of $506 million, surpassing the $432 million expected by analysts, according to StreetAccount.

Proposed regulations for Retail Payment Activities Act open for public comment (BETAKIT)

Bank of Canada’s Ron Morrow: “It is your one chance to shape the regime.”

DoorDash sales rose last quarter as consumers continued to order delivery (THE WALL STREET JOURNAL)

DoorDash’s revenue in the three months through December grew 40% to $1.8 billion from a year earlier. Analysts surveyed by FactSet had predicted revenue of $1.77 billion.

Canadian tech can find opportunities during leaner times (BETAKIT)

RBC Capital Markets managing director Aly Gillani says M&A will be a big theme in the back-end of 2023.

Walmart Canada shutters Blue Labs innovation hub (THE LOGIC)

Walmart is integrating its recently launched Blue Labs innovation team into its regular operations. The retailer first unveiled Blue Labs at last year's Collision conference.

Federal government reveals breakdown of $700 million renewed commitment to Innovation Clusters (BETAKIT)

The Government of Canada initially promised the additional funding for the clusters last year, announcing $750 million in investments to be made over the course of six years, until 2028.

Toronto’s Cookin raises $17-million to build online delivery market for home-cooked meals (THE GLOBE AND MAIL)

“Is this a new startup?” asked one driver, peering into Ms. Sem’s first-floor Toronto apartment one night in January. She smiles, explains as briefly as she can and returns to assembling orders for her business, Soup and Hustle.

Real Ventures partners with Panache, Inovia to relaunch FounderFuel accelerator (BETAKIT)

FounderFuel is now coming back and going nationwide with the support of two other notable Montréal-headquartered Canadian venture capital (VC) firms with a presence across the country: Panache Ventures and Inovia Capital.

Movement51 launches new “investment readiness” education program for women entrepreneurs across Canada (BETAKIT)

TD Bank has promised $120,000 CAD to M51 as part of a three-year funding commitment to Founder’s Lab.

Indigo website still down and company likely losing ‘millions’ after cybersecurity attack last week (TORONTO STAR)

Cyber incident on Feb. 8 impacted website and electronic payment system, but stores remain open and company says it is working with experts to investigate and resolve.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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