Shopify increased its profits by 28% in 2023

The Canadian specialist in creating and managing e-commerce platforms experienced a 26% surge in revenue last year, reaching $7.1 billion, while its profits bolstered by 28% to $3.5 billion.

The sales volume of e-commerce platforms managed by Shopify increased by 20% over the year, reaching $235 billion, marking a $38.7 billion growth compared to the previous year, which experienced only a 12% increase. 

“2023 has been an extraordinary year for Shopify and our merchants,” stated the company’s president, Harley Finkelstein. “Our robust fourth-quarter and annual results strongly demonstrate the progress we have made in building fast, reliable, and unified solutions for merchants of all sizes.”

These results come after a year of restructuring for Shopify. After cutting a thousand jobs in 2022, the group announced last May its decision to eliminate 20% of its remaining workforce. The transportation activity was delegated to Flexport, allowing Shopify to focus on online sales.

“For 2024, we aim to capitalize on the momentum we achieved in 2023 and continue to deliver a solid combination of revenue growth and profitability,” said Jeff Hoffmeister, the group’s chief financial officer.

Shopify boasts several million client companies in 175 countries, including renowned brands like Supreme, Le Tanneur, Balzac Paris, as well as major corporations like Mattel and Netflix. The company claims to contribute to 10% of online commerce in the United States through its solutions.