---
title: "$Shopify (SHOP.US) 2Q24 first take: At first glance, Shopify delivered a comprehensive beat this qua"
description: "$Shopify (SHOP.US) 2Q24 first take: At first glance, Shopify delivered a comprehensive beat this quarter, with key operating metrics GMV and GPV both exceeding expectations by 2%~3%. Year-over-year gr"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/23023165.md"
published_at: "2024-08-07T12:10:10.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# $Shopify (SHOP.US) 2Q24 first take: At first glance, Shopify delivered a comprehensive beat this qua

$Shopify (SHOP.US) 2Q24 first take: At first glance, Shopify delivered a comprehensive beat this quarter, with key operating metrics GMV and GPV both exceeding expectations by 2%~3%. Year-over-year growth remained strong at approximately 22% and nearly 30%, respectively, while the payment ratio continued to rise. Another indicator reflecting subscription business performance, MRR (Monthly Recurring Revenue), significantly outperformed expectations by over 6%.

Since both GMV and MRR exceeded expectations, the corresponding subscription service revenue and merchant service revenue also outperformed proportionally. Total revenue was slightly higher than expected by 1.7%, amounting to an additional ~$35 million.

Moreover, due to impressive management cost control (-54% YoY) and similarly conservative spending on marketing and R&D, total operating expenses were nearly 12% lower than expected, saving approximately $100 million. Thanks to this exaggerated cost control, core operating profit reached $280 million, doubling quarter-over-quarter.

For next quarter's guidance, the company expects revenue to maintain relatively high growth of 20%~25%, with operating expenses accounting for 41%~42% of revenue—significantly lower than the market's expectation of 44%. In other words, profit release next quarter is also expected to outperform.

In summary: growth, cost control, and profit expansion—indeed, the performance is outstanding.

### Related Stocks

- [SHOP.US - Shopify ](https://longbridge.com/en/quote/SHOP.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.