Business
Shopify Announces Third-Quarter 2021 Financial Results
Cumulative GMV reaches $400 billion as Shopify continues to simplify commerce for entrepreneurs everywhere Shopify reports in U.S. dollars and in accordance
About this update from Shopify Inc.
[{"type":"text","content":"Cumulative GMV reaches $400 billion as Shopify continues to simplify commerce for entrepreneurs everywhere\nShopify reports in U.S. dollars and in accordance with U.S. GAAP\nInternet, Everywhere--(Newsfile Corp. - October 28, 2021) - Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, announced today strong financial results for the quarter ended September 30, 2021.\n\"It took 15 years for our merchants to get to $200 billion in cumulative GMV, and just 16 months to double that to $400 billion,\" said Harley Finkelstein, Shopify's President. \"Our merchants' GMV remained strong in Q3. As the share of GMV from offline expanded within our total GMV, it is clear that entrepreneurs are embracing a future in which retail happens everywhere. Shopify is making it easier for more merchants worldwide to build direct and authentic relationships with their customers, in creative ways that work best for them.\"\n\"The strength of Shopify's flywheel was on display within the more normalized spending environment we saw this past quarter, as more merchants used more of our platform to start and grow their businesses,\" said Amy Shapero, Shopify's CFO. \"Our results show that Shopify is executing well, giving our merchants the tools they need to compete in differentiated ways in a growing number of markets. We remain focused on simplifying commerce for our merchants so they can take full advantage of what digital makes possible and reimagine retail.\"\nThird-Quarter Financial Highlights\n\nTotal revenue in the third quarter was $1,123.7 million, up 46% year over year.\nSubscription Solutions revenue was $336.2 million, up 37% year over year, primarily due to more merchants joining the platform.\nMerchant Solutions revenue was $787.5 million, up 51% year over year, driven primarily by the growth of Gross Merchandise Volume1 (\"GMV\").\nMonthly Recurring Revenue2 (\"MRR\") as of September 30, 2021 was $98.8 million. MRR increased 33% year over year, up from $74.4 million as of September 30, 2020 as more merchants joined the platform and the number of retail locations using POS Pro increased. Shopify Plus contributed $27.2 million, or 28%, of MRR compared with 25% of MRR as of September 30, 2020.\nGMV for the third quarter was $41.8 billion, an increase of $10.8 billion or 35% over the third quarter of 202...