As a trusted partner to countless businesses, Shopify continues to shape the future of online retail.
Here’s a closer look at the Shopify quarterly results for Q3 2024 and what they reveal about the company’s momentum.
📌Bonus Content: Discover Amazon’s Q3 2024 quarterly results and explore the latest in their e-commerce performance.
10 Key Stats from Shopify’s Q3 2024 Results
Here, you’ll find the most important Shopify statistics from the Q3 2024 report.
For more details, visit our full page on the latest Shopify statistics, covering financial performance, merchant demographics, and usage metrics.
Here are the key highlights from Shopify’s Q3 2024 statistics:
Total Revenue in Shopify’s Latest Statistics
- The Shopify quarterly results for Q3 2024 show total revenue reaching $2.16 billion, a 26% increase from $1.71 billion in Q3 2023.
This growth in Shopify quarterly results highlights that more businesses are choosing Shopify and staying with the platform.
Compared to last year, Shopify’s steady revenue growth shows strong momentum.
Shopify’s Growth in Merchant Solutions Revenue
- The Shopify quarterly results for Q3 2024 show merchant solutions revenue at $1.55 billion, up 26% from $1.23 billion in Q3 2023.
This increase reflects the growing demand for Shopify’s services beyond just a storefront.
With tools like payment processing, shipping, and financing, Shopify is helping businesses handle more of their operations.
This steady rise in merchant solutions revenue could mean that Shopify is becoming a go-to platform for businesses looking to manage everything in one place, which may lead to even higher growth in future quarters.
Subscription Solutions Revenue in Shopify Q3 2024 Results
- The Shopify quarterly results for Q3 2024 report subscription solutions revenue at $610 million, up 26% from $486 million in Q3 2023.
This ongoing growth reflects a rise in businesses signing up for Shopify’s subscription plans and finding value in what it offers.
Year-over-year, this increase indicates that Shopify’s platform improvements are attracting new customers and keeping current ones engaged.
Monthly Recurring Revenue Trends in Shopify Q3 Results
- The Shopify quarterly results for Q3 2024 show monthly recurring revenue (MRR) at $175 million, up from $137 million in Q3 2023.
This growth in MRR shows that Shopify has a stable and growing base of merchants who rely on its platform every month.
The growth in MRR from last year highlights Shopify’s success in attracting new sign-ups and retaining current merchants.
As Shopify adds more value to its services, recurring revenue could keep rising, bolstering its financial position in future quarters.
Strong Free Cash Flow Shown in Shopify Q3 2024 Results
- The Shopify quarterly results for Q3 2024 report free cash flow at $421 million, a significant increase from $276 million in Q3 2023.
This growth in cash flow means Shopify is generating more cash from its operations, giving it greater flexibility to reinvest in the business.
Compared to last year, this increase suggests that Shopify’s focus on efficiency is paying off.
Higher cash flow may allow Shopify to expand its offerings, support innovation, and strengthen its market position in the coming quarters.
How Shopify’s Gross Profit Improved in Q3 2024 Results
- The Shopify quarterly results for Q3 2024 show gross profit at $1.12 billion, up 24% from $901 million in Q3 2023.
This rise in gross profit demonstrates Shopify’s success in growing revenue while keeping costs under control.
The year-over-year increase highlights Shopify’s efficient expansion strategy.
If it maintains this approach, Shopify could see even higher profit margins in the coming quarters, strengthening its financial stability even further.
Operating Income Stats in Shopify’s Q3 2024 Results
- The Shopify quarterly results for Q3 2024 report operating income at $283 million, a remarkable 132% increase from $122 million in Q3 2023.
This sharp rise in operating income highlights Shopify’s efforts to improve efficiency and control costs while growing revenue.
Compared to last year, this growth shows that Shopify is achieving a stronger balance between revenue and expenses.
Shopify Q3 2024 Results Reflect Net Income Increase
- The Shopify quarterly results for Q3 2024 report net income of $828 million, up from $718 million in Q3 2023.
This growth in net income reflects Shopify’s strengthened profitability over the past year. If Shopify continues to manage its operations efficiently, we might see further improvements in net income, which could positively impact shareholder value in upcoming quarters.
Growth in Gross Merchandise Volume (GMV) in Shopify Q3 2024
- The Shopify quarterly results for Q3 2024 show gross merchandise volume (GMV) at $69.7 billion, a 24% increase from $56.2 billion in Q3 2023.
This rise in GMV indicates that more customers are shopping with Shopify merchants and that those merchants are selling more effectively.
Compared to last year, this growth shows Shopify’s ability to drive higher transaction volumes on its platform.
Shopify Quarterly Results for Shareholders’ Equity
- The Shopify quarterly results for Q3 2024 report shareholders’ equity at $10.1 billion as of September 30, 2024, up from $9.07 billion as of December 31, 2023.
This increase in equity reflects Shopify’s strengthened financial position and the value it has created over the past year.
Compared to the start of the year, this rise in shareholders’ equity shows that Shopify’s strategies are not only driving growth but also adding value for its shareholders.
If Shopify continues this path, we may see even stronger equity growth, supporting long-term stability and shareholder confidence.
Key Takeaways from Shopify’s Q3 2024 Performance
The Shopify quarterly results for Q3 2024 highlight strong, balanced growth across Shopify’s core areas.
Both merchant solutions and subscription services have shown steady increases, driven by rising demand from businesses that rely on Shopify’s platform to manage their online stores.
Shopify’s improved operating income and cash flow suggest a focus on efficiency, showing that the company is not only growing but doing so in a sustainable way.
This approach has strengthened Shopify’s foundation, giving it the resources to keep expanding and supporting more merchants in the quarters ahead.
FAQ: Shopify Q3 2024 Financial Results
Here are the frequently asked questions about the third quarterly financial results of Shopify:
What was Shopify’s total revenue in Q3 2024?
Shopify’s total revenue for Q3 2024 was $2.16 billion, a 26% increase from $1.71 billion in Q3 2023.
How much did Shopify earn from merchant solutions in Q3 2024?
Shopify earned $1.55 billion from merchant solutions in Q3 2024, up from $1.23 billion in Q3 2023, marking a 26% growth.
What was the subscription solutions revenue for Shopify in Q3 2024?
Shopify’s subscription solutions revenue reached $610 million in Q3 2024, a 26% increase from $486 million in Q3 2023.
How did Shopify’s monthly recurring revenue (MRR) change in Q3 2024?
Shopify’s MRR grew to $175 million in Q3 2024, up from $137 million in Q3 2023, reflecting steady customer retention and new sign-ups.
What was Shopify’s free cash flow in Q3 2024?
Shopify reported a free cash flow of $421 million in Q3 2024, compared to $276 million in Q3 2023.
What was Shopify’s gross profit in Q3 2024?
Shopify’s gross profit for Q3 2024 stood at $1.12 billion, up from $901 million in Q3 2023, representing a 24% year-over-year growth.
How much was Shopify’s operating income in Q3 2024?
Shopify’s operating income for Q3 2024 was $283 million, showing a significant increase from $122 million in Q3 2023.
What was Shopify’s net income for Q3 2024?
Shopify reported a net income of $828 million in Q3 2024, compared to $718 million in Q3 2023.
How did Shopify’s gross merchandise volume (GMV) change in Q3 2024?
Shopify’s GMV rose to $69.7 billion in Q3 2024, a 24% increase from $56.2 billion in Q3 2023.
What is Shopify’s shareholders’ equity as of Q3 2024?
As of September 30, 2024, Shopify’s shareholders’ equity was $10.1 billion, up from $9.07 billion at the end of 2023.
Conclusion
Shopify’s Q3 2024 results highlight steady growth and increased value for merchants and shareholders alike.
With strong performance across revenue, cash flow, and GMV, Shopify is proving its resilience in the competitive ecommerce space.
These results set a promising foundation as Shopify continues to support businesses and expand its reach in the quarters to come.
