Topic

SHOP

A collection of 9 issues

Shopify 1Q'26: Impressive, But Still Not Enough to Justify Valuation

1Q’26 was yet another quarter for Shopify in which it added almost the same GMV as Amazon retail likely added in the same quarter. Back in 2017, Shopify’s GMV was only ~10% of Amazon’s estimated GMV. Given the way Shopify is growing, it seems likely that it

The Era of Tokenmaxxing

A couple of weeks ago, Meta’s internal dashboard for “tokenmaxxing” got a lot of attention after The Information reported on it. Although such tokenmaxxing phenomenon only started getting attention recently, Shopify has been doing something similar since mid-2025. It is also hardly a Meta or Shopify specific thing; Microsoft

Shopify's Miraculous Momentum

One of the most impressive things about Shopify is their ability to grow GMV in tandem with Amazon in recent quarters. Shopify was able to maintain such admirable momentum in 4Q’25. One of the key reasons for Shopify to be able to match Amazon’s growth is that their

Shopify 3Q'25 Update

Despite having the good fortune of owning Shopify after the 2022 drawdown, I had the “misfortune” of selling it at less than one-third of the current stock price in early 2023. Given how Shopify powers increasingly a sizable portion of e-commerce market, I still try to follow them closely. Every

Shopify's Surprise, XPEL 2Q'25

Shopify’s Surprise I started buying Shopify in February 2022 in the $80s. I eventually averaged down which led to my average buy price to be ~$39/share, but the stock kept going down and found bottom in the mid-20s. I eventually sold my position in mid-$40s (sold at

Shopify 4Q'22 Earnings Update

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

Shopify 3Q'22 Earnings Update

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

Shopify 2Q'22 Earnings Update

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%

Shopify: The Anti-Amazon Protagonist

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?