Business
Shopify Announces First-Quarter 2023 Financial Results; Agrees to Sell Shopify Logistics to Flexport
Shopify sharpens its focus on building and scaling the future of commerce Internet, Everywhere--(Newsfile Corp. - May 4, 2023) - Shopify Inc. (NYSE, TSX:
About this update from Shopify Inc.
[{"type":"text","content":"Shopify sharpens its focus on building and scaling the future of commerce\nInternet, Everywhere--(Newsfile Corp. - May 4, 2023) - Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, announced today financial results for the quarter ended March 31, 2023.\n\"Shopify's strong first quarter results demonstrate once again that we're the go-to solution powering businesses of all sizes, on every surface where they sell. The changes we're announcing today will ensure we keep pace with the high velocity of change before us, delivering the cutting-edge solutions our customers have come to expect from Shopify,\" said Shopify's President, Harley Finkelstein.\nPlease see a letter from our Founder and CEO, Tobias Lütke addressing the team changes we announced today at https://news.shopify.com/important-team-and-business-changes.\nFirst Quarter 2023 Business Highlights\nShopify welcomed more brands on our platform in our first quarter of 2023, including consumer favorites like Keen, 7 for All Mankind, Seiko, and Herschel Supply. The following are notable highlights from our first quarter across our three key merchant investment themes, which are helping merchants expand from first sale to full scale, go global and attract more consumers through more channels.\n\nLaunched Commerce Components by Shopify (\"CCS\"), the modern, composable stack for enterprise retail. CCS combines access to Shopify's foundational, high-performing components along with flexible APIs to build dynamic customer experiences that integrate seamlessly with a retailer's preferred back office services.\nAnnounced updated pricing for Basic, Shopify, and Advanced plans on January 23, 2023. New pricing went into effect for new merchants on January 24, 2023 and for existing merchants prior to January 24, 2023 on April 23, 2023.\nPowered by OpenAI's ChatGPT API, Shopify launched a new AI shopping assistant on our Shop app, creating a fast and more personalized shopping experience for consumers that serves up more relevant product recommendations across Shop's millions of products.\nPartnered with Intuit to become their preferred partner to migrate new retailers in need of a Point-of-Sale solution after Intuit made the decision to sunset its QuickBooks Desktop Point-Of-Sale product.\nLaunched Pinterest as an advertising channel for Shopif...