The e-commerce firm said its fourth-quarter gross merchandise volume (GMV) grew 13 per cent or US$6.9 billion compared to the same period last year, while its gross payment volume (GPV), or how much GMV it processes through Shopify Payments, grew 23 per cent. Its total revenue was roughly US$1.7 billion, outpacing analysts’ expectations. (The Logic)
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The e-commerce firm said its fourth-quarter gross merchandise volume (GMV) grew 13 per cent or US$6.9 billion compared to the same period last year, while its gross payment volume (GPV), or how much GMV it processes through Shopify Payments, grew 23 per cent. Its total revenue was roughly US$1.7 billion, outpacing analysts’ expectations. (The Logic)
Talking point: Shopify reported a net loss of roughly US$624,000 for the quarter compared to US $371,000 last year. Its GMV increased 12 per cent and GPV 23 per cent for the full financial year. In 2022, its net loss was about US$3.5 million compared to net income of US$2.9 million. The company’s outlook for the first quarter of 2023, which takes into account its recent subscription price hikes, forecasts revenue growth in the “high-teen percentages.” The company’s stock has been on the rise for several days ahead of its earnings report as investors expected the company’s early job cuts to positively impact free cash flow and other metrics.
Correction: This briefing has been updated reflect that Shopify’s revenue growth outlook is for the first quarter of 2023, not the full year.
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