It also gave upbeat guidance for the remainder of the year.Shopify said it expects 2023 revenue to grow at a mid-twenties percentage rate on a year-over-year basis, driven by fourth-quarter revenue growth in the high teens.
Gross merchandise volume, or the total volume of merchandise sold on the platform, rose 22% to $56.2 billion during the quarter. Analysts surveyed by FactSet had forecast GMV of $54.2 billion. "Our results showcased the durability of our business model as we delivered a compelling combination of both top line growth and profitability, with revenue growing 25% year over year and free cash flow margin reaching 16%," Shopify CFO Jeff Hoffmeister said in a statement. "We will continue to operate with discipline, thoughtfully investing in the huge opportunities ahead across regions, products and channels to help merchants capture every opportunity every step of the way.
Net income for the quarter was $718 million, or 55 cents a share, compared to a loss of $158.4 million, or a loss of 12 cents per share, in the The solid earnings beat comes after Shopify, which makes tools for companies to sell products online, has sharpened its focus on costs. The company in Maya partnership with Amazon that allows its merchants to fast and free Prime delivery on their storefronts off Amazon. Shopify also invested in online marketplace Faire as part of a deal that will make it the recommended wholesale platform for Shopify merchants.
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