August 30, 2024
OTTAWA, ON – Shopify Inc. posted a 21% revenue jump (as compared to the second quarter of 2023) in financial results for the quarter ended June 30, 2024. “Our Q2 results make it clear: Shopify is rapidly strengthening its position as a leading enabler of global commerce and entrepreneurship,” said Harley Finkelstein, president of Shopify. “More and more merchants across the world are putting their trust in Shopify’s unified commerce operating system to fuel growth and simplify complex operations. We’re fully committed to executing our growth strategies and delivering immense value to our merchants for years to come.”
“We are proud to report another quarter of robust financial performance. We drove strong growth in GMV, revenue, and gross profit, all amidst a mixed consumer spend environment, continued to take share and concurrently expanded our free cash flow margin. We delivered across every metric,” said Jeff Hoffmeister, chief financial officer of Shopify. “Our results underscore our commitment to providing exceptional value to our merchants through focused operating execution and efficiency. As a high-growth global technology leader in commerce, we remain committed to leveraging our core strengths and investing in opportunities to achieve sustainable growth and long-term profitability.”
Second-Quarter Financial Highlights (all comparisons are to the second quarter of 2023)
- Gross Merchandise Volume increased 22% to $67.2 billion;
- Revenue increased 21% to $2.0 billion, which translates into year-over-year growth of 25% after adjusting for the sale of our logistics businesses; and
- Merchant Solutions revenue increased 19% to $1.5 billion, driven primarily by the growth of GMV and continued penetration of Shopify Payments.
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