Shopify posts strong second-quarter results

E-commerce company Shopify said gross sales volume rose 22 percent to $67.2 billion in the second quarter.

The company said revenue rose 21 percent to $2 billion, up 25 percent year over year when the sale of its logistics business is included.

The company expects that in the third quarter revenues will grow at a rate of between ten and twenty percent, and gross margin will be higher by approximately 50 basis points.

“More and more merchants around the world trust Shopify’s unified commerce operating system to drive growth and simplify complex operations. We’re fully committed to executing our growth strategies and delivering tremendous value to our merchants for years to come,” said Harley Finkelstein, CEO of Shopify, in a statement.

Shopify’s merchant solutions revenue grew 19 percent to $1.5 billion, while subscription solutions revenue grew 27 percent to $563 million.

Monthly recurring revenue as of June 30, 2024 increased 25 percent to $169 million.

Gross profit rose 25 percent to $1 billion, and gross margin improved to 51.1 percent.