Summary by Moomoo AI
Shopify Inc. reported its financial results for the second quarter of 2024, ending June 30, 2024, with significant growth across key financial metrics. The company announced a 21% increase in revenue to $2.0 billion, and a 25% increase in gross profit year over year. Adjusting for the sale of its logistics businesses, revenue growth was 25%. Gross Merchandise Volume (GMV) rose by 22% to $67.2 billion, while Gross Payments Volume (GPV) grew to $41.1 billion, accounting for 61% of GMV processed during the quarter. Subscription Solutions revenue saw a 27% increase to $563 million, driven by a growing merchant base and pricing adjustments. Monthly Recurring Revenue (MRR) also increased by 25% to $169 million, with Shopify Plus contributing 31% of MRR. The company's free cash flow margin more than doubled year over year to 16%, with...Show More
