Canadian e-commerce juggernaut Shopify this morning reported its second-quarter financial performance. Like Microsoft and Apple in the wake of their after-hours earnings reports, its shares are having a muted reaction to the better-than-expected results.
In the second quarter of 2021, Shopify reported revenues of $1.12 billion, up 57% on a year-over-year basis. The company’s subscription products grew 70% to $334.2 million, while its volume-driven merchant services drove their own top line up 52% to $785.2 million.
Investors had expected Shopify to report revenue of $1.05 billion.
Shopify also posted an enormous second-quarter profit. Indeed, from its $1.12 billion in total revenues, Shopify managed to generate $879.1 million in GAAP …
