Published on 9 May 2024 on Zacks via Yahoo Finance
Shopify SHOP reported first-quarter 2024 adjusted earnings of 20 cents per share, comfortably beating the Zacks Consensus Estimate by 25%. The company reported earnings of 1 cent per share in the year-ago quarter.Total revenues jumped 23.4% year over year to $1.86 billion, which beat the Zacks Consensus Estimate by 1.36%.
Quarter in Detail
Subscription Solutions revenues increased 33.8% year over year to $511 million, primarily due to more merchants joining the platform, as well as pricing changes for existing merchants on its Standard subscription plans.Merchant Solutions revenues improved 20% year over year to $1.35 billion, driven by robust Gross Merchandise Volume (GMV), which improved 23% year over year to $60.9 billion.