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Shopify | 6-K: First-Quarter 2024 Financial Results

SEC announcement ·  May 8 19:08
Summary by Futu AI
Shopify Inc. reported its first-quarter financial results for 2024, showcasing a robust performance with a 23% increase in revenue, which adjusts to a 29% growth after accounting for the sale of its logistics businesses. The company's gross profit surged by 33%, and its free cash flow margin doubled year-over-year to 12%. Shopify's President, Harley Finkelstein, highlighted the company's commitment to long-term growth and profitability, while CFO Jeff Hoffmeister emphasized the company's operational discipline and strong execution. Key financial highlights include a 23% increase in Gross Merchandise Volume to $60.9 billion, a 34% rise in Subscription Solutions revenue to $511 million, and a 32% increase in Monthly Recurring Revenue to $151 million. Shopify Plus contributed 32% to the MRR. The company's net cash position...Show More
Shopify Inc. reported its first-quarter financial results for 2024, showcasing a robust performance with a 23% increase in revenue, which adjusts to a 29% growth after accounting for the sale of its logistics businesses. The company's gross profit surged by 33%, and its free cash flow margin doubled year-over-year to 12%. Shopify's President, Harley Finkelstein, highlighted the company's commitment to long-term growth and profitability, while CFO Jeff Hoffmeister emphasized the company's operational discipline and strong execution. Key financial highlights include a 23% increase in Gross Merchandise Volume to $60.9 billion, a 34% rise in Subscription Solutions revenue to $511 million, and a 32% increase in Monthly Recurring Revenue to $151 million. Shopify Plus contributed 32% to the MRR. The company's net cash position was reported at $4.3 billion after considering outstanding convertible notes. Looking ahead to the second quarter of 2024, Shopify anticipates revenue growth at a high-teens percentage rate year-over-year and expects to maintain a similar free cash flow margin to Q1. The company's management will discuss the Q1 results in a conference call and has made the financial statements and management's discussion available on its website.

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