News - Shopify Q2 2020 results show 97% revenue increase
July 29th, 2020. Shopify, a member of our ecommerce platform shortlist, announced its Q2 2020 results today, with revenue up 97% from Q2 2019. Q2 ended on June 30th. CEO Tobi Lütke and CFO Amy Shapero were understandably upbeat, exclaiming "everything we ship is designed to lower barriers to entrepreneurship and reduce friction" and noting they are "committed to transferring the benefits of scale to our merchants, helping them sell more and sell more efficiently".
New to Shopify? Find out more in our article What exactly does Shopify do?
Key metrics from the Shopify Q2 2020 results include:
| Metric | Q2 2020 (USD) | Change |
| Revenue | $714.3m | +97% since Q2 2019 |
| Monthly recurring revenue (MRR) | $57m (June 2020) | +21% since June 2019 |
| Subscription revenue attributed to Shopify Plus | 24% | Was 23% in Q2, 2019 |
| Adjusted gross profit (excludes stock based compensation) | $381.4m | +84% |
| Net income | $36.0m | Q2 2019 was loss $29m |
| Cash, cash equivalents | $4.0b | +163% since Q2 2019 |
| Number of stores | not quantified | +71% since Q1 2020 (although note free trial was extensively advertised for Q2) |
| Gross merchandise value (GMV) transacted through the platform | $30.1b | +119% since Q2 2019 |
| GMV through POS | not quantified | -29% since Q1 2020 |
| Gross payments volume (GMV processed through Shopify Payments service) | $13.4b (45% of GMV) | +122% since Q2 2019 (when it was 42% of GMV) |
| Merchants converting from Shopify to Shopify Plus | not quantified | Growth, but not quantified |
| Merchants using Shopify Shipping | 49% of eligible merchants | Was 42% in Q2 2019 |
| Cash advances and loans through Shopify Capital | $153m | +65% since Q2 2019 |
Interestingly, despite these impressive results, Shopify declined to provide any guidance on Q3 2020 or its full year, citing the inability to forecast impacts of Covid on their customers.