Categories AlphaGraphs, Earnings, Retail
SHOP Earnings: Shopify reports 21% growth in Q2 2024 revenue
E-commerce company Shopify Inc. (NYSE: SHOP) Wednesday reported a double-digit increase in second-quarter revenues, reflecting strong performance by both operating segments.
June quarter revenues climbed 21% year-over-year to $2.05 billion, with sales at the Subscription Solutions and Merchant Solutions segments growing 27% and 19% respectively.
The company reported net income of $171 million or $0.13 per share for the second quarter, compared to a loss of $1.31 billion or $1.02 per share in the prior-year period.
“We drove strong growth in GMV, revenue, and gross profit, all amidst a mixed consumer spend environment, continued to take share, and concurrently expanded our free cash flow margin. We delivered across every metric,” said Jeff Hoffmeister, CFO of Shopify.
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