Shopify (SHOP) posted strong Q2 results, with revenue and gross merchandise volume exceeding expectations, as the company continues to demonstrate pricing power, operating leverage, and potential for margin expansion into 2025, Wedbush Securities said in a Wednesday note.
Gross merchandise volume rose 30.6% year over year to $87.8 billion, ahead of the $81 billion estimate, while revenue climbed 31.1% to $2.7 billion, about 5% above the $2.5 billion consensus, the brokerage said.
GAAP operating income came in at $291 million, representing a 10.9% margin, versus expectations of $244 million and a 9.6% margin.
For Q3, Shopify expects revenue to grow in the mid-to-high 20% range year over year, ahead of the roughly 22% street forecast, according to the note.
The company projects gross profit growth in the low teens and operating expenses of 38% to 39% of revenue, slightly above analysts' expectations, Wedbush noted.
The firm maintained an outperform rating for Shopify, with a $115 price target.
Shares of the company were up nearly 20% in recent trading.
Price: 151.91, Change: +24.91, Percent Change: +19.61
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