Shopify posts strong Q2 results

Ecommerce player Shopify reported second quarter gross merchandise volume growth of 22 percent to 67.2 billion dollars.

The company said that revenue increased 21 percent to 2 billion dollars, which translates into year-over-year growth of 25 percent after adjusting for the sale of logistics businesses.

For the third quarter, the company expects revenue to grow at a low-to-mid-twenties percentage rate and gross margin to be higher by approximately 50 basis points.

“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,” said Harley Finkelstein, president of Shopify in a statement.

Shopify’s merchant solutions revenue increased 19 percent to 1.5 billion dollars, while subscription solutions revenue increased 27 percent to 563 million dollars.

Monthly recurring revenue as of June 30, 2024 increased 25 percent to 169 million dollars.

Gross profit dollars grew 25 percent to 1 billion dollars and gross margin improved to 51.1 percent.