<p><strong>Shopify</strong>(SHOP 19.05%) 的股票在周三上午 9:45 之前飙升了 22%，因为该公司今天早上报告了强于预期的第二季度销售数据。</p>
<p>Shopify 在第二季度的收入为 26.8 亿美元，而华尔街预期为 25.5 亿美元，这得益于其软件推动的强劲 “商品交易总额”（GMV）——878.4 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Shopify 第二季度财报</h2>
<p>Shopify 在报告财务时有些独特，淡化了净收入（和每股收益），更关注 GMV、收入和自由现金流。在今天的报告中，该公司自豪地表示，收入同比增长 31%，自由现金流占收入的 16%。</p>
<p>GMV 同比增长 31%，导致收入也有类似的增长。然而，这些销售产生的自由现金流增长较慢，仅为 27%，而营业利润同比仅增长 21%——这些数字可能会让成长股投资者感到有些失望。</p>
<h2>Shopify 股票值得购买吗？</h2>
<p>管理层的指引可能也会让人感到震惊，预计第三季度销售增长将放缓至 “中到高二十个百分点”，而毛利润的增长甚至更少，预计在 “低二十个百分点”。好的一面是，管理层预计自由现金流的利润率将在 “中到高十几个百分点” 之间。</p>
<p>如果情况如预期发展，这意味着 Shopify 在下个季度至少应能维持第二季度的 16% 自由现金流利润率，甚至可能超过这一水平。这将显著提升自由现金流和利润。</p>
<p>说到这一点，Shopify 今天的市值为 2000 亿美元，股票的自由现金流市盈率为 111 倍，净利润市盈率超过 87 倍。对于一家增长率为 31% 的公司来说，这个价格相当高——更不用说 “中到高十几个百分点” 的增长了。</p>
<p>因此，尽管财报超出预期，但对我来说，Shopify 仍然是一个卖出。</p>

SHOP

<p>Shopify 的股票在报告第二季度销售额为 26.8 亿美元后飙升 22%，超出预期的 25.5 亿美元。该公司强调了同比 31% 的收入增长和 16% 的自由现金流利润率。然而，第三季度的指引显示销售增长将放缓至中高二十个百分点，这引发了增长投资者的担忧。尽管财报表现积极，但股票以 111 倍自由现金流的高估值导致建议卖出</p>

<p><strong>Shopify</strong>(SHOP 19.05%) stock soared 22% through 9:45 a.m. Wednesday after reporting stronger-than-expected Q2 sales this morning.</p>
<div class="lb-trans"><p><strong>Shopify</strong>(SHOP 19.05%) 的股票在周三上午 9:45 之前飙升了 22%，因为该公司今天早上报告了强于预期的第二季度销售数据。</p>
</div><p>Instead of the $2.55 billion Wall Street was expecting, Shopify collected $2.68 billion in revenue in Q2, helped by strong &#34;gross merchandise volume&#34; (GMV) facilitated by its software -- $87.84 billion.</p>
<div class="lb-trans"><p>Shopify 在第二季度的收入为 26.8 亿美元，而华尔街预期为 25.5 亿美元，这得益于其软件推动的强劲 “商品交易总额”（GMV）——878.4 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828249%2F1-glowing-green-stock-arrow-climbs-on-a-stock-screen.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Shopify Q2 earnings</h2>
<div class="lb-trans"><h2>Shopify 第二季度财报</h2>
</div><p>Shopify's a bit eccentric in how it reports earnings, deemphasizing net income (and earnings per share) and focusing more on GMV, revenue, and free cash flow. In today's report, the company boasted of growing revenue 31% year over year, and earning 16% free cash flow margins on its revenue.</p>
<div class="lb-trans"><p>Shopify 在报告财务时有些独特，淡化了净收入（和每股收益），更关注 GMV、收入和自由现金流。在今天的报告中，该公司自豪地表示，收入同比增长 31%，自由现金流占收入的 16%。</p>
</div><p>GMV grew 31% year over year, resulting in similar revenue growth. Free cash flow generated from these sales, however, grew slower at 27%, and operating profits were up only 21% year over year -- numbers that may discourage growth stock investors a bit once they notice them.</p>
<div class="lb-trans"><p>GMV 同比增长 31%，导致收入也有类似的增长。然而，这些销售产生的自由现金流增长较慢，仅为 27%，而营业利润同比仅增长 21%——这些数字可能会让成长股投资者感到有些失望。</p>
</div><h2>Is Shopify stock a buy?</h2>
<div class="lb-trans"><h2>Shopify 股票值得购买吗？</h2>
</div><p>Guidance may also come as something of a shock, with management forecasting sales growth to slow into the &#34;mid-to-high twenties percentage rate&#34; in Q3, and gross profit rising even less, in the &#34;low-twenties.&#34; On the plus side, management forecasts free cash flow margin to be somewhere in the &#34;mid-to-high teens.&#34;</p>
<div class="lb-trans"><p>管理层的指引可能也会让人感到震惊，预计第三季度销售增长将放缓至 “中到高二十个百分点”，而毛利润的增长甚至更少，预计在 “低二十个百分点”。好的一面是，管理层预计自由现金流的利润率将在 “中到高十几个百分点” 之间。</p>
</div><p>If that's how things play out, it implies Shopify should at <em>least</em> maintain the 16% FCF margin it did in Q2, in the coming quarter -- and might even exceed it. That would presumably provide a bigger boost to both FCF and profits.</p>
<div class="lb-trans"><p>如果情况如预期发展，这意味着 Shopify 在下个季度至少应能维持第二季度的 16% 自由现金流利润率，甚至可能超过这一水平。这将显著提升自由现金流和利润。</p>
</div><p>Speaking of which, Shopify's $200 billion market cap today prices the stock at 111 times free cash flow, and more than 87 times net profit. That's quite a high price for a stock growing at 31% -- much less the &#34;mid-to-high teens.&#34;</p>
<div class="lb-trans"><p>说到这一点，Shopify 今天的市值为 2000 亿美元，股票的自由现金流市盈率为 111 倍，净利润市盈率超过 87 倍。对于一家增长率为 31% 的公司来说，这个价格相当高——更不用说 “中到高十几个百分点” 的增长了。</p>
</div><p>Therefore, despite the earnings beat, Shopify's still a sell for me.</p>
<div class="lb-trans"><p>因此，尽管财报超出预期，但对我来说，Shopify 仍然是一个卖出。</p>
</div>

为什么 Shopify 的股票刚刚大幅上涨