Shopify Stock Soars as Revenue Growth Accelerates Across Key Metrics
Shopify's (SHOP) stock surged 18% after quarterly revenue growth accelerated across core business metrics. Revenue jumped 34%, while gross merchandise volume reached $115.57 billion, up from $87.84 billion in the prior-year quarter.
The company reported second-quarter revenue of $3.58 billion, up from $2.68 billion one year earlier. Gross profit climbed to $1.71 billion from $1.30 billion in the previous year. Operating income also increased to $488 million, compared with $291 million previously.
Shopify expects third-quarter revenue to grow at a low-thirties percentage rate year over year and gross profit dollars to rise at a mid-to-high twenties percentage rate. The company projects operating expenses at 33% to 34% of revenue and free cash flow margin in the high-teens to low-twenties range.