Shopify(US:SHOP) Zhi Tong Cai Jing·2025-08-06 13:29Core Viewpoint - Shopify reported strong second-quarter earnings, exceeding market expectations for both revenue and third-quarter guidance, leading to a significant pre-market stock price increase of up to 17% [1]. Financial Performance - Second-quarter revenue grew by 31% year-over-year to $2.68 billion, surpassing analyst expectations of 25% [2]. - Gross Merchandise Volume (GMV) reached $87.84 billion, up from $67.25 billion in the previous year, indicating robust growth across all regions [2]. - Monthly Recurring Revenue (MRR) increased to $185 million from $169 million year-over-year [2]. - Gross profit rose to $1.30 billion, compared to $1.05 billion in the same quarter last year [2]. - Operating income improved to $291 million from $241 million year-over-year [2]. - Free cash flow increased to $422 million, up from $333 million, maintaining a free cash flow margin of 16% [2]. Regional Performance - The company noted accelerated growth in GMV and revenue across North America, Europe, and Asia-Pacific, with Europe showing particularly strong performance, achieving a 42% increase in GMV on a constant currency basis [2]. Future Outlook - Shopify expects third-quarter revenue growth to be in the range of 25%-30%, exceeding analyst expectations of 22% [2]. - Projected gross profit growth is anticipated to be between 20%-25%, also above the market consensus of 17% [2]. - Free cash flow margin is expected to be between 15%-20% [2]. Market Reaction - Following the earnings report and positive outlook, Shopify's stock price rose by 16% in pre-market trading, reaching $147.3 [3].