SHOP - Shopify Non-GAAP EPS of $0.24 beats by $0.10 revenue of $1.71B beats by $40M
2023-11-02 07:06:47 ET
- Shopify press release ( NYSE: SHOP ): Q3 Non-GAAP EPS of $0.24 beats by $0.10 .
- Revenue of $1.71B (+24.8% Y/Y) beats by $40M .
- Total revenue increased 25% to $1.7 billion compared to the prior year, which translates into year-over-year growth of 30%, after adjusting for the approximately 500 basis points impact from the sales of our logistics businesses.
- Gross Merchandise Volume ("GMV") increased 22% to $56.2 billion, an increase of $10.0 billion over the third quarter of 2022.
- Merchant Solutions revenue increased 24% to $1.2 billion compared to the prior year, driven primarily by the growth of GMV and Shopify Payments.
- Gross Payments Volume ("GPV") grew to $32.8 billion, representing 58% of GMV processed in the quarter, versus $25.0 billion, or 54%, for the third quarter of 2022.
- Subscription Solutions revenue increased 29% to $486 million compared to the prior year, driven primarily by more merchants joining the platform and the pricing changes that went into effect for existing merchants on our Standard subscription plans.
- Monthly Recurring Revenue ("MRR") as of September 30, 2023 increased 32% to $141 million compared to the prior year, driven by continued growth across all of our subscription plans. Shopify Plus contributed $44 million, or 31%, of MRR compared with 33% of MRR as of September 30, 2022.
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Shopify Non-GAAP EPS of $0.24 beats by $0.10, revenue of $1.71B beats by $40M