Shopify reports Q2 results with revenues up 31% year over year and positive cash flow for third consecutive quarter. Shopify Inc. (NYSE, TSX: SHOP), a supplier of crucial internet commerce infrastructure, released its financial results for the three months ended June 30, 2023, today.
“Our company’s growth momentum produced solid financial results for a second consecutive quarter. In addition to transporting goods more quickly,” Shopify President Harley Finkelstein claimed that the company is also growing its network of international merchants and increasing free cash flow. “As we embrace the new form of Shopify, our goal of creating the best solution in the world to support small companies and entrepreneurs throughout the globe, remains our top priority.”
Shopify Editions, the semi-annual product and innovation showcase, was made available on July 26. The Shopify Magic, a collection of AI-enabled capabilities integrated across the Shopify platform to make it easier for merchants to manage their businesses, was among the over 100 enhancements that were highlighted in our Summer ’23 Edition. Sidekick, Shopify Collective, Shopify Marketplace Connect app, Shopify Checkout, Shopify Credit, and Integrated Shop were listed in that order. launched Shopify Bill Pay, a new product that allows retailers to monitor and pay vendors straight from the Shopify admin, streamlining expenditure management.
Gross Merchandise Volume1 (GMV) grew 17% to $55.0 billion in the second quarter, up $8.2 billion from the same period in 2022 and up 18% on a constant currency basis. On a constant currency basis, total revenue climbed 31% to $1.7 billion over the previous year.
Revenue from Merchant Solutions climbed 35% to $1.3 billion from the previous year, primarily due to GMV growth and Shopify Payments’ continuing market penetration.
In comparison to $24.9 billion, or 53%, for the second quarter of 2022, Gross Payments Volume2 (“GPV”) increased to $31.7 billion, or 58% of the GMV processed in the quarter.
With more merchants using the platform, Subscription Solutions’ revenue climbed 21% to $444 million from the previous year.
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