Shopify Q3 2024 Earnings Reveal Strong E-Commerce Growth and Profitability
Shopify Q3 2024 Earnings Overview
Shopify, Inc. (NYSE: SHOP) disclosed its third-quarter earnings on Tuesday, registering a substantial 26% revenue growth in Q3 2024, illustrating the robust performance across its business segments. The e-commerce giant reported revenues of $2.16 billion, reflecting a significant year-over-year increase.
Key Financial Metrics
- Q3 Revenue: $2.16 billion, marking a 26% growth
- Net Income: $828 million, up from $718 million in the same quarter last year
- Free Cash Flow Margin: 19% for Q3
Segment Performance
- Subscription Solutions: Grew by 26%
- Merchant Solutions: Also increased by 26%
Jeff Hoffmeister, CFO of Shopify, stated, “Shopify achieved 26% revenue growth and 19% free cash flow margin this quarter, marking our sixth consecutive quarter of over 25% revenue growth excluding logistics.” This steady growth trend emphasizes Shopify's operational efficiency and market strength in the e-commerce space.
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