Shopify Inc. (NYSE: SHOP) reported financial results for the second quarter. The company reported total revenue of USD 714.3 Million, a 97% rise compared to the same quarter in 2019. Subscription solutions revenue amounted to USD 196.4 Million, a 28% increase year over year due to increased merchants joining the platform. Adjusted gross profit increased 84% to USD 381.4 Million compared to USD 207.3 Million in the same period last year.
“The world is changing fast,” said Tobi Lütke, Shopify’s CEO. “With the rapid shift to online commerce, massive disruption to conventional employment, and growing conviction that opportunity needs to be more evenly distributed, entrepreneurship has never been more important. With all of these changes, our core principles remain the same: everything we ship is designed to lower barriers to entrepreneurship and reduce friction wherever we can.”
“The strength of Shopify’s value proposition was on full display in our second quarter,” said Amy Shapero, Shopify’s CFO. “We are committed to transferring the benefits of scale to our merchants, helping them sell more and sell more efficiently, which is especially critical in this rapidly changing environment. With our strong balance sheet and through prudent capital allocation, we remain well positioned to continue solving critical pain points for our merchants and contribute to their success for years to come.”