Shopify Inc (NYSE: ) is trading down in premarket on Tuesday even though it reported market-beating revenue for its fourth financial quarter.
Shopify’s guidance for Q1Investors are cheering also because the management issued upbeat guidance for the future. Shopify now forecasts its revenue to grow by more than 20% at least in Q1.The New York listed firm noted a 21% and 31% year-on-year increase in its merchant solutions and subscription solutions revenues, respectively, in the fourth quarter. Harley Finkelstein – the president of Shopify Inc said in a today:
As we look ahead to 2024, our focus remains on driving innovation in an ever-evolving commerce landscape, delivering products that will propel our merchants’ businesses forward.
The eCommerce giant recently with Amazon to introduce “Buy with Prime” option for its users. SHOP is currently up more than 70% versus its low in late October.
Shopify Q4 earnings snapshot
SHOP saw a better-than-expected 23% annualized growth in gross merchandise volume to $75.1 billion in Q4. According to Jeff Hoffmeister – its chief of finance:
For 2024, we look to build on the momentum that we achieved in 2023 and continue to deliver a strong combination of both top-line growth and profitability.
Global #ecommerce revenue is expected to hit a record-breaking $3.64 trillion in 2024 after spiking 108% during the previous five years. Global revenue grew from $1.52 trillion in 2018 to $3.15 trillion in 2023, and the trend is expected to continue to rise through 2028. pic.twitter.com/iGmwJTXf8y
— Paul Drecksler | Shopifreaks E-commerce Newsletter (@shopifreaks) February 12, 2024
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