Summary by Moomoo AI
Shopify Inc. reported its first-quarter financial results for 2024, showcasing a robust performance with a 23% increase in revenue, which adjusts to a 29% growth after accounting for the sale of its logistics businesses. The company's gross profit surged by 33%, and its free cash flow margin doubled year-over-year to 12%. Shopify's President, Harley Finkelstein, highlighted the company's commitment to long-term growth and profitability, while CFO Jeff Hoffmeister emphasized the company's operational discipline and strong execution. Key financial highlights include a 23% increase in Gross Merchandise Volume to $60.9 billion, a 34% rise in Subscription Solutions revenue to $511 million, and a 32% increase in Monthly Recurring Revenue to $151 million. Shopify Plus contributed 32% to the MRR. The company's net cash position...Show More
