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:

MetricQ2 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 Plus24%Was 23% in Q2, 2019
Adjusted gross profit (excludes stock based compensation)$381.4m+84%
Net income$36.0mQ2 2019 was loss $29m
Cash, cash equivalents$4.0b+163% since Q2 2019
Number of storesnot 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 POSnot 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 Plusnot quantifiedGrowth, but not quantified
Merchants using Shopify Shipping49% of eligible merchantsWas 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.


This article was updated on May 28, 2021

M Ryan

M Ryan is an ecommerce consultant with twenty years experience working with retailers, consumer brand manufacturers and other consumer-facing businesses helping them to develop their ecommerce strategy, implement ecommerce technology and improve their ecommerce operations. He works extensively throughout US and Europe, with clients including global brands, large retailers and household names in consumer goods.