Shopify reported an adjusted profit of 26 cents per share on US$2.05 billion in revenue for Q2, surpassing analysts’ expectations of 20 cents per share and US$2.01 billion. The Ottawa-based company saw a 22% year-over-year increase in gross merchandise volume, reaching US$67.2 billion.
Growth was driven by new merchants with physical stores and B2B sales, particularly in apparel, accessories, and food and beverage sectors. Shopify’s merchant solutions business generated US$1.5 billion. Operating expenses rose to US$804 million. Shopify’s stock surged up to 25% in Wednesday trading. Analysts praised the company’s resilience amid mixed consumer spending trends.
Want to know more? Check out the source code on The Logic.