Subscribe "If you look at our 7 years since IPO, we were profitable 5 out of the 7." -Harley Finkelstein (4Q'22 Call) Except that's not true! Shopify was profitable only 2 out of 7 years since IPO. Perhaps he was adding back SBC? You can add back SBC if you
Disclosure: I own shares of Shopify By and large, things are in the right direction for Shopify. Here are my highlights from the latest earnings. GMV GMV grew 11% YoY, ~15% FXN. 2-yr CAGR and 3-yr CAGR were ~22% and 46% (52% FXN) respectively which lets you peek beyond the
Disclosure: I own shares of Shopify “2022 will be different, more of a transition year in which e-commerce is largely reset to the pre-COVID trend line and is now pressured by persistent high inflation.” Let's dive into this "transition year"! While Shopify still maintains >50% GMV and topline CAGR over
On February 12, 2021, Shopify was trading at ~$1,500/share, an all-time high for the stock. From February 12, 2016 to the day it reached its record high, Shopify generated 7,429.7% for its shareholders (source: KoyFin). I thought to myself, wait, is that ~75x in 5 years?