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SHOP (Trans): Under the e-com Agent model, the company still monetizes primarily through payments
Below is Dolphin Research's Trans of the FY25 Q4 earnings call for $Shopify (SHOP.US). For the earnings breakdown, see 'Shopify: Solid results yet a plunge — are commerce agents a silver bullet or a poison?'.
Core metrics recap, and regional/channel performance are as follows. North America revenue rose 28% YoY, with the platform now covering over 14% of the US e-com market.International revenue grew 36% YoY. Nearly half of merchants are outside North America, and Europe Q4 GMV increased 45% (FXN +35%). Offline: GMV was up 29% YoY...shopifyConference Minutes