Shopify posts massive 34% growth in strong quarter

• Shopify’s second-quarter revenue increased 34% to $3.58 billion, while gross merchandise volume rose 32% to $115.57 billion.
• Operating income climbed 68% to $488 million, and free cash flow increased to $654 million.
• Shopify expects third-quarter revenue growth in the low-thirties percentage range.

Shopify (NASDAQ:SHOP) reported second-quarter revenue of $3.58 billion, up 34%, as merchant activity increased across its platform.

Revenue increased from $2.68 billion, while gross merchandise volume rose 32% to $115.57 billion from $87.84 billion.

Operating income reached $488 million, free cash flow was $654 million and net income was $1.50 billion, including $1.06 billion from equity-investment gains.

Shopify expects low-thirties third-quarter revenue growth.

Merchant Solutions revenue increased 37% to $2.78 billion, while Subscription Solutions revenue rose 22% to $802 million.

Shopify repurchased $1.42 billion of shares during the quarter after expanding its total repurchase authorization to $5 billion in June.