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Shopify Q2 GMV up 17 percent

By Huw Hughes


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Credits: Shopify

Canadian e-commerce giant Shopify has reported robust gross merchandise volume (GMV) and revenue growth in the second quarter.

In the three months to June 30, GMV increased 17 percent to 55 billion dollars, while revenue rose 31 percent to 1.7 billion dollars.

Shopify president Harley Finkelstein said in a statement: “Our business momentum has led to another quarter of strong financial results.

“We're not just shipping products faster, but we are also expanding our global merchant base, all while improving our ability to generate greater free cash flow.”

The company made an operating loss of 1.6 billion dollars, which it said included 1.7 billion dollars in one-time items from the impairment and acceleration of stock-based compensation related to the sales of its logistics businesses, as well as severance.

Excluding those one-time charges, operating income was positive for the quarter, Shopify added.

Looking ahead, the company expects Q3 revenue growth to be in the low-twenties percentage rate on a year-on-year basis.

This would translate to a year-on-year growth rate in the mid-twenties when adjusted for the 300 to 400 basis points headwind from the sale of its logistics businesses.

The company expects Q3 gross margin to be approximately 2 to 3 percentage points higher than the second quarter gross margin of 49.3 percent.