Shopify, the Ottawa-based e-commerce giant, reported a 23.6% increase in Q4 revenue, reaching US$2.1 billion and slightly exceeding analyst estimates. This surge was largely driven by a holiday shopping extravaganza, with client sales hitting US$75.1 billion, up 23.2% from the previous year.
CFO Jeff Hoffmeister highlighted this as the best gross merchandise volume growth since the 2021 pandemic spike. The company saw substantial growth in markets outside North America, particularly in Europe, the Middle East, and Africa, contributing nearly US$1.26 billion in revenue.
Despite these gains and efforts to control expenses, Shopify’s stock fell by up to 13.6% on the New York Stock Exchange on Tuesday.
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