Shopify: 不完美就是不合格，高估值的原罪？

Core Insights - Shopify reported strong GMV growth of $9.2 billion, a 32% year-over-year increase, exceeding expectations despite a high base from the previous quarter [6][18] - The company is experiencing a trend of increasing revenue but declining profit margins, indicating a "growth without profit" scenario [13][14] GMV Growth - The GMV growth continues to accelerate, reaching $9.2 billion with a year-over-year growth of 32%, outperforming market expectations [6][18] - Shopify Payments penetration in GMV increased by 0.5 percentage points to 65.4%, driving GPV growth to 40%, which is higher than GMV growth [7][19] Subscription Business - Monthly Recurring Revenue (MRR) was $193 million, a 10.3% year-over-year increase, but still below market expectations due to the impact of free trial promotions [8][23] - Subscription service revenue grew by 14.6% year-over-year, but the growth rate is slowing down [8][25] Merchant Services - Merchant services revenue reached $2.15 billion, a nearly 39% year-over-year increase, benefiting from strong GMV growth [8][25] - The service monetization rate increased by approximately 10 basis points to 2.33%, indicating a stable upward trend [7][25] Profit Margins - Gross margins are under pressure, with subscription margins declining by 0.6 percentage points and merchant service margins declining by 1.5 percentage points [10][30] - Overall gross profit margin decreased by about 2.8 percentage points, falling below market expectations [10][29] Expenses and Profitability - Total expenses grew by approximately 25.5% year-over-year, maintaining a high growth rate, which is outpacing gross profit growth [10][34] - Operating profit margin decreased by about 1 percentage point, and free cash flow was approximately $510 million, a 20.4% year-over-year increase, but below revenue and gross profit growth rates [10][37]