Shopify shares rise after it beats quarterly revenue estimates on higher merchant signups
Last year, subscription solutions revenue was 42 per cent of Shopify’s overall revenue, with merchant solutions revenue making up the other 58 per cent.
But in the most recent quarter, the merchant solutions revenue grew to 73 per cent of overall revenue for the company.Shopify reported profits were impaired by a charge of US$31.6 million associated with the company’s decision to move to a remote work footing permanently. “We believe the near-term costs of reducing our leased footprint and transitioning remaining space from offices to workspace for office hoteling and events will yield longer-term benefits, including levelling the playing field for employees who already work from home, helping our employees stay healthy and safe, opening a diverse global talent pool, eliminating unnecessary commutes and fast-tracking new and better ways to work together that are more productive and rewarding,” the company said...
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