Thursday, 8 August 2024
by Rose White
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.
The post SHOP Earnings: Shopify reports 21% growth in Q2 2024 revenue first appeared on AlphaStreet.