Shopify Inc. (SHOP), a prominent Canada-based provider of essential internet infrastructure of commerce, beat on the top and bottom lines in the first quarter of fiscal 2024. SHOP reported first-quarter revenue of $1.86 billion, slightly surpassing analysts’ estimate of $1.85 billion.
Moreover, Gross Merchandise Volume (GMV) rose 23% year-over-year to $60.90 billion. Merchant Solutions revenue witnessed a 20% year-over-year increase, driven by the growth of GMV and continued penetration of Shopify Payments. Also, Gross Payments Volume (GPV) rose to $36.20 billion, 60% of GMV, compared to $27.50 billion, or 56%, for the same quarter of 2023.
