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Shopify Exceeds Q2 Estimates with $2.05B Revenue, 15% Stock Rise

Aug 7, 2024, 11:15 AM

Shopify, the Canadian e-commerce giant, reported second-quarter financial results that surpassed analysts' expectations, driven by the adoption of artificial intelligence (AI) tools. The company reported a revenue of $2.05 billion, beating the estimated $2.01 billion and marking a 21% year-over-year increase. Gross Merchandise Volume (GMV) also exceeded forecasts, reaching $67.3 billion compared to the expected $65.7 billion, representing a 22% increase from the previous year. Shopify's adjusted earnings per share stood at $0.26, surpassing the anticipated $0.20. The company reported a net income (loss) per share of $0.13 and maintained a 16% free cash flow margin. The company also provided strong guidance for the third quarter, projecting revenue between $2.07 billion and $2.14 billion, with a gross margin increase of 50 basis points quarter-over-quarter. Following the earnings report, Shopify's stock rose by 15%.