Shopify reports 93 percent increase in total revenue YoY in Q2 2016 results

shopify shipping

Shopify has released the results for its second quarter of 2016 — which ended on June 30, 2016 — and is continuing to show impressive results.

Total revenue in the second quarter was $86.6 million — a 93 percent increase from Q2 2015. When Shopify recently reported its Q1 2016 results, its total revenue was $72.7 million.

Monthly recurring revenue was $14.4 million, up 70 percent from June 30, 2015, when the company reported $8.5 million. Last quarter, the company reported MRR of $12.8 million. Shopify also reported a net loss of $8.4 million ($0.10 per share) compared with $3.3 million ($0.06 per share) for the second quarter of 2015.

“Today’s entrepreneurs are tomorrow’s multi-million dollar businesses, and that many use Shopify to get there is the foundation of our business model,”said Tobi Lütke, founder and CEO of Shopify. “Our mission is to add value for merchants, and it is clear the additions to the platform we have made over the past year are doing this. Merchant adoption continues to grow across all of them, including the rollout of new sales channels, Facebook Messenger, Shopify Shipping, and Shopify Capital.”

As of June 30, 2016, Shopify had $179.6 million in cash, cash equivalents and marketable securities, compared with $190.2 million on December 31, 2015.

“Shopify continues to impress with strong momentum and predictability. Investors reward predictability with higher valuations because they feel safer about future performance,” said Mark MacLeod, founder of SurePath Capital and former Shopify CFO. “For four quarters in a row, Shopify has delivered strong, predictable growth. They are on a roll and innovating faster than ever.”

Just like last quarter, the company continued to stress its commitment to mobile solutions, citing Apple Pay and Android Pay. After acquiring Kit in April, the company reported that the number of installs of the marketing assistant on the Shopify platform nearly doubled since the acquisition in April.

Overall, the company remains optimistic for its full year outlook, expecting revenues in the range of $361 million to $367 million and adjusted operating loss in the range of $12 million to $16 million (excluding stock-based compensation expenses and related payroll taxes of $25 million).

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.