Shopify revenue increases 25% year-over-year to $1.7 billion

Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, this week announced financial results for the quarter ended September 30, 2023. Shopify revenue increased 25% year-over-year to $1.7 billion.

Gross Merchandise Volume (GMV) increased 22% year-over-year to $56.2 billion. Gross profit increased 36% year-over-year to $901 million. Operating income was $122 million, compared to an operating loss of $346 million in the prior year period. Free cash flow was $276 million, or 16% of revenue, compared to negative free cash flow of $148 million in the prior year period.

Shopify recent Business highlights

• Launched the Retail Plan, a new pricing plan for brick-and-mortar businesses selling primarily in-person.
• Expanded availability of Shopify POS Go to the U.K. and Ireland.
• Released POS Terminal in the U.S. and Canada.
• Expanded Shopify Markets Pro to general availability in the U.S.
• Optimized Shopify Checkout for conversion and speed.
• Finalized commercial agreement with Flexport to extend the partnership between Shopify and Flexport.
• Announced an app integration that allows U.S. merchants using Amazon’s fulfillment network to add the Buy with Prime app into Shopify Checkout.
• Partnered with Faire to continue to build out business-to-business commerce offerings for merchants.
• Announced a global partnership with WPP to jointly develop products and pair WPP’s commerce expert network with Shopify’s platform.
• Recognized as a leader in the 2023 Gartner Magic Quadrant for Digital Commerce.

For the rest of 2023, Shopify expects a full year revenue to grow at a mid-twenties percentage rate on a year-over-year basis.