E-commerce platform Shopify reported a net loss of US$273 million on first-quarter revenue of US$1.9 billion.

Sina Technology News On the evening of May 8th, Beijing time, Canadian e-commerce platform Shopify today released its financial report for the first quarter of 2024 as of March 31: revenue was US$1.9 billion, a year-on-year increase of 23%

Special topic: Focus on the first quarter financial report of US stocks in 2024. View the latest market trends. Sina Technology News, evening news on May 8th, Beijing time. Canadian e-commerce platform Shopify today released its financial report for the first quarter of 2024 as of March 31: revenue was 19 billion US dollars, a year-on-year increase of 23%.
Net loss was US$273 million, compared with US$68 million in the same period last year.
First quarter results: GMV was US$60.9 billion, a year-on-year increase of 23%. Higher than analysts’ expectations of US$59.67 billion.
Revenue was US$1.9 billion, a year-on-year increase of 23%. Higher than analysts’ expectations of US$1.843 billion.
Cost of revenue was US$904 million, compared with US$791 million in the same period last year.
Gross profit was US$957 million, a year-on-year increase of 33%.
Gross profit margin was 51.4%, compared with 47.5% in the same period last year.
Operating expenses were US$871 million, compared with US$910 million in the same period last year.
Operating profit was US$86 million, compared with an operating loss of US$193 million in the same period last year.
Net loss was US$273 million, compared with US$68 million in the same period last year.
Basic and diluted losses per share were both US$0.21, compared with basic and diluted earnings per share of US$0.05 in the same period last year.
Free cash flow was US$232 million, compared with US$86 million in the same period last year.
Free cash flow margin was 12%, compared with 6% in the same period last year.
As of March 31, 2024, Shopify held $5.2 billion in cash and marketable securities.
After including outstanding convertible notes, the net cash position was $4.3 billion.
Performance Outlook: Shopify expects second quarter revenue to increase by more than ten percentage points year-on-year (nearly 20%).
Including the impact of 300 to 400 basis points from the sale of the logistics business. It will increase by more than 20% year-on-year; the gross profit margin will decline by about 50 basis points month-on-month; operating expenses will increase by about 5% month-on-month at most. % of revenue The ratio will be about 45% to 46%; stock-based compensation will be about $120 million. Capital expenditures will be about $5 million; free cash flow margin will be basically the same as the first quarter.
After the financial report was released, Shopify\’s stock price fell 18% in pre-market trading today.

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