May 16, 2024
OTTAWA, ON – Shopify Inc. revealed financial results for the quarter ended March 31, 2024, posting a revenue increase of 23% to $1.9 billion (compared to the first quarter of 2023).
“You’re seeing the strongest version of Shopify in our history,” said Harley Finkelstein, president of Shopify. “Our outstanding Q1 performance is clear proof of our dedication to the new shape of Shopify, our commitment to operating with a consistent team size, and our focus on building for the long-term to deliver both growth and profitability.
“We are building a 100-year company,” Finkelstein continued, “and we will continue to remain fiercely agile, capitalizing on every opportunity that accelerates the success of our merchants, enables us to continue to build world-class products, and enhances operational efficiency for better returns.”
“Shopify had a strong start to the year, building on the performance of 2023, delivering year-over-year revenue growth for the quarter of 23%, or 29% when adjusting for the sale of our logistics businesses, combined with 12% free cash flow margin,” added Jeff Hoffmeister, chief financial officer of Shopify via company press release. “Looking ahead, we are committed to upholding our operational discipline and strong execution.”
Gross merchandise volume increased 23% to $60.9 billion, an increase of $11.3 billion over the first quarter of 2023.
Recent Comments