Nov. 15, 2023

OTTAWA, CA – According to a press release from Shopify, third quarter 2023 financial results show a 25% revenue increase, with gross profit Up 36% year-over-year. “Our third-quarter results demonstrate the progress we are making to further solidify Shopify’s position as the global leader in commerce,” said Harley Finkelstein, president of Shopify. “Our ability to help our merchants succeed in any economic environment by delivering innovative product solutions, has not only built strong trust with our merchants but has positioned Shopify for sustained growth and profitability for the future. As we look forward to the busiest shopping season of the year, we’re confident that our unified commerce platform empowers our merchants with the tools they need to seize every opportunity and achieve greater success.”

“We’re extremely pleased with our financial performance this quarter, which is a testament to the resilience and adaptability of our platform and our merchants,” said Jeff Hoffmeister, chief financial officer of Shopify. “Our results showcased the durability of our business model as we delivered a compelling combination of both top line growth and profitability, with revenue growing 25% year over year and free cash flow margin reaching 16%. We will continue to operate with discipline, thoughtfully investing in the huge opportunities ahead across regions, products, and channels to help merchants capture every opportunity every step of the way.”

Recent Business Highlights

  • Launched the Retail Plan, a new pricing plan for brick-and-mortar businesses selling primarily in-person that includes all Shopify POS Pro features as well as tools to build a simple online presence.
  • Expanded availability of Shopify’s all-in-one mobile point-of-sale system, POS Go, to 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.
  • Expanded end-to-end cross-border commerce solution with native merchant of record offering, Shopify Markets Pro, to general availability in the U.S. in the third quarter.
  • Optimized Shopify Checkoutfor conversion and speed by redesigning the checkout to a streamlined one-page checkout experience.
  • Finalized commercial agreement with Flexport, to extend the partnership between Shopify and Flexport.