Shopify Q2 FY 2024 Earnings

  • Revenue Growth: Total revenue for Q2 2024 was $2.045 billion, a 21% increase compared to Q2 2023. Subscription solutions revenue increased 27% to $563 million and merchant solutions revenue increased 19% to $1.482 billion.
  • Gross Profit: Gross profit for Q2 2024 was $1.045 billion, a 25% increase year-over-year. The gross margin increased to 51% from 49% in Q2 2023. This was mainly due to the sale of the logistics businesses in Q2 2023.
  • Operating Income: Operating income was $241 million compared to a loss of $1.636 billion in Q2 2023. This swing to profitability was primarily driven by the sale of the logistics businesses which resulted in a large impairment charge in Q2 2023.
  • Net Income: Net income for Q2 2024 was $171 million, or $0.13 per share, compared to a net loss of $1.311 billion, or $(1.02) per share, in Q2 2023.
  • GMV Growth: Gross Merchandise Volume (GMV) increased 22% to $67.2 billion in Q2 2024.
  • Monthly Recurring Revenue (MRR): MRR grew 25% year-over-year to $169 million as of June 30, 2024.  Shopify Plus contributing $52 million or 31% of MRR
  • Shopify Payments Penetration: The penetration rate of Shopify Payments increased to 61% in Q2 2024 compared to 58% in Q2 2023.