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- Shopify Inc SHOP reported second-quarter FY21 sales growth of 56.7% year-on-year, to $1.12 billion, beating the analyst consensus estimate of $1.04 billion. The company clocked the $1 billion revenue mark for the first time.
- Revenue from Subscription Solutions rose 70% Y/Y to $334.2 million, primarily due to more merchants joining the platform and Merchant Solutions increased 52% Y/Y to $785.2 million, driven primarily by the growth of Gross Merchandise Volume (GMV).
- GMV for Q2 rose 40% Y/Y to $42.2 billion. Monthly Recurring Revenue2 (MRR) as of June 30, 2021, was $95.1 million, up from $57 million last year.
- Adjusted gross profit expanded 64% Y/Y to $627.0 million.
- Operating expenses rose 28.5% Y/Y to $481.4 million.
- The operating margin was 12.4%, with an operating income of $139.4 million.
- Adjusted EPS of $2.24 beat the analyst consensus of $0.96.
- Shopify held $7.76 billion in cash and equivalents as of June 30, 2021, and generated $202.1 million in YRD operating cash flow.
- "As consumer spending remained strong, our merchants thrived and extracted more value from our platform, contributing to our rapid growth.," said CFO Amy Shapero.
- "We continue to expect to grow revenue rapidly in 2021, but at a lower rate than in 2020."
- Price action: SHOP shares are trading lower by 0.68% at $1,544.45 on the last check Wednesday.
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