Shopify Inc. (TSX: SHOP) reported today its financial results for Q2 2021, generating US$1.1 billion in revenue for the quarter. This is an increase from last quarter’s US$988.6 million and last year’s revenue of US$714.3 million for the same period.
Revenue for the quarter consisted of US$334.2 million in subscription solutions revenue, up from US$320.7 million last quarter, as well as US$785.2 in merchant solutions revenue, up from US$668.0 million last quarter.
The firm’s gross profit margin for Q2 2021 is 55.5% compared to 54.5% in Q1 2021 and 52.5% in Q2 2020.
The company’s net income for the quarter came in at US$876.4 million, notching a drop from last quarter’s US$1.258 billion, which included a US$1.251 billion unrealized gain on investment, but gaining an increase from last year’s US$46.7 million.
Excluding the US$777.7 million unrealized gain on its equity and investments, Shopify’s adjusted net income for Q2 2021 amounts to US$284.6 million, This is an increase from last quarter’s US$254.1 million and the previous year’s US$129.4 million. The posted adjusted net income for the quarter translates to US$2.24 per diluted share.
Looking at the balance sheet, the company ended Q2 2021 with approximately US$2.4 billion in cash and cash equivalents and US$5.4 billion in marketable securities, compared to last quarter’s US$2.8 billion and US$5.1 billion, respectively.
The e-commerce platform expects rapid growth in the remaining two quarters of the year, anticipating the fourth quarter to contribute the largest share of annual revenue.
You may see the full details of Shopify’s Q2 2021 financial results here.
Shopify Inc. last traded at $1,958.30 on the TSX.
Information for this briefing was found via Sedar and Shopify. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
