March 25-27, 2025

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Shopify Reports Q4 Revenue Jump: “Incredible Year”

Feb. 14, 2024

OTTAWA, ON – Shopify Inc. unveiled financial results this week for the quarter and year ended Dec. 31, 2023. “2023 was an incredible year for both Shopify and our merchants,” said Harley Finkelstein, president of Shopify via press release. “Our strong Q4 and annual results are a powerful testament to the progress we have made building fast, reliable, and unified software for merchants of all sizes.”

Jeff Hoffmeister, chief financial officer of Shopify added: “In Q4 we delivered year-over-year revenue growth of 24%, which represents 30% growth when adjusting for the sale of our logistics businesses, and achieved an operating income margin of 13% and a free cash flow margin of 21%. For 2024, we look to build on the momentum that we achieved in 2023 and continue to deliver a strong combination of both top-line growth and profitability.”

2023 Business Highlights
Shopify brought merchants of all sizes to its commerce platform, including brands such as: Carrier; Nike Strength; Dollar Shave Club; Banana Republic Home; and Boardriders which is home to Roxy, Quiksilver, and Billabong brands.

Below are highlights from the year that expanded Shopify’s operating system to enable merchants to start, scale, and grow their businesses:

  • Launched Shopify Magic, a suite of AI-enabled features integrated across the Shopify platform, to make it easier for merchants to run their businesses.
  • Introduced Sidekick, an AI-enabled commerce assistant that allows merchants to use AI to increase productivity, improve workflows, make smarter decisions, and spend less time on operational tasks.
  • Powered by OpenAI’s ChatGPT API, Shopify launched an AI shopping assistant on Shop, creating a fast and more personalized shopping experience for consumers that serves up more relevant product recommendations across Shop’s millions of products.
  • Expanded availability of Shopify’s all-in-one mobile point-of-sale system, POS Go, to Canada, the U.K., and Ireland.
  • Released in the U.S. and Canada, new enterprise-grade payments hardware, POS Terminal, which combines POS Go and the all-new POS Go Dock to give merchants the option to turn their mobile point-of- sale system into a WiFi and ethernet-connected reliable countertop payment device.
  • Announced an app integration with Amazon that offers U.S. merchants the option to add the Buy with Prime app into Shopify Checkout with transactions processed through Shopify Payments.