RESEARCH TRIANGLE PARK – The global move toward more business via ecommerce due to the ongoing COVID-19 pandemic is continuing to drive more dollars to ecommerce services provider ChannelAdvisor.

The company, which also made an acquisition as part of its strategy to expand its services portfolio and worldwide footprint, reported earnings and revenues that beat Wall Street expectations on Friday morning.

In fact, revenues set a record.

ChannelAdvisor (NYSE:ECOM) said earnings hit 33 cents a share – a penny above expectations. And revenue soared more than 17% year-over-year to $37.44 million. Analysts were expecting slightly less.

“Our second quarter results were exceptional, with record revenues and record adjusted EBITDA both substantially exceeding our original guidance for the quarter,” said David Spitz, ChannelAdvisor’s chief executive officer.

As revenues soar, ChannelAdvisor acquires ecommerce firm that has a client list including L’Oreal

“Strong revenues were driven by sustained and broad-based growth in GMV as e-commerce spending remained elevated throughout the quarter, consistent with broader e-commerce trends as the COVID-19 pandemic caused a shift in consumer buying behavior.

“Continued expense discipline and the scalability of our business model contributed to a significant improvement in profitability and cash flow as well. Although it remains difficult to forecast near-term GMV [gross market value] and variable revenues, we believe ecommerce trends are likely to remain strong and that we are well positioned to benefit from these trends.”

Read the full earnings report online. 

COVID-19 & ecommerce: ‘This is our time’ says CEO of online services firm ChannelAdvisor