GAAP net loss was $28.7 million, or $0.26 per share,
compared with $24 million, or $0.23 per share, in the year-ago period. Adjusted
net income totaled $15.8 million, or $0.14 per share, topping forecasts of
$0.03 per share.
During the quarter, Subscription Solutions revenue rose 38%
to $153 million, driven by higher Monthly Recurring Revenue (MRR) as a result
of more merchants joining the Shopify platform. Merchant Solutions revenue grew
56% to $209 million, driven by growth in Gross Merchandise Volume (GMV),
Shopify Capital and Shopify Shipping.
At quarter-end, MRR was $47.1 million, up 34% from the same
period last year, with a 26% contribution from Shopify Plus versus 23% last
year. GMV grew 51% to $13.8 billion while Gross Payments Volume (GPV) rose to
$5.8 billion, accounting for 42% of GMV processed during the quarter.
Purchases from merchants’ stores coming from mobile devices
versus desktop increased during the quarter, accounting for around 80% of
traffic and 70% of orders for the second quarter, versus 76% and 66%,
respectively, for the same period last year.
Shopify expects revenues of $377 million to $382 million for
the third quarter of 2019. The company raised its full-year 2019 revenue
outlook to a range of $1.51 billion to $1.53 billion versus the prior range of
$1.48 billion to $1.50 billion.
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