Shopify’s 2017 financial results report $843 million CAD total revenue

Shopify Tobias Lütke

Shopify has released its Q4 2017 and full-year 2017 financial results, reporting that its total revenue for the full year was $843 million ($673.3 million USD), a 73 percent increase over 2016.

Total revenue for the fourth quarter was $279 million ($222.8 million USD), a 71 percent increase from the comparable quarter in 2016. As of December 31, 2017, MRR as was $37 million ($29.9 million USD), up 62 percent compared with $23 million ($18.5 million USD) as of December 31, 2016.

Gross profit grew 78 percent to $151 million ($121.1 million USD) compared with the $85 million ($68.1 million USD) recorded for the fourth quarter of 2016.

The company also called out business highlights this quarter like Shopify merchants processing $1 million per minute at Black Friday’s peak.

“That our merchants sold more in the fourth quarter than in all of 2015, achieving one billion dollars of this in just four days, speaks to how far we have come in the past few years,” said Russ Jones, Shopify’s CFO. “Our leadership role in commerce, together with the scale we have achieved, position us well to invest in our next phase of growth: one marked by expansion of our capabilities upmarket and down, in retail, in our ecosystem, and internationally.”

For the full year, gross profit grew 82 percent to $470 million ($380.3 million USD) compared with $262 million ($209.5 million USD) for 2016. GMV for 2017 was $32 billion ($26.3 billion USD), an increase of 71 percent over 2016. The company ended the year with 3,000 employees.

The company’s highlights for the year include exploring new retail mediums like AR, and the launch of its chip and swipe card reader. This week, LCBO announced that Shopify would power its online cannabis sales platform.

For the full year of 2018, Shopify expects revenues in the range of $1.21 billion ($970 million USD) to $1.23 billion ($990 million).

See Shopify’s full results here.