“Our merchants do seem to be outperforming and doing better than others,” Harley Finkelstein told analysts on a Wednesday earnings call.
“I think a big part of the reason that we are not seeing the same thing that others might is because we simply have merchants across a ton of verticals and across a ton of geographies.”
The Ottawa-based e-commerce software company caters to both small businesses and multi-national giants. It’s recently attracted the likes of burgeoning brands including jeweler Mejuri and apparel company Evereve, along with household names such as Toys “R” Us, Barnes & Noble and Casper.
The bevy of brands have helped Shopify cope with lower consumer spending caused by high inflation and elevated borrowing rates in many of its key markets.
Shopify’s Q2 earnings
Several brands have said they expect the softening to continue as the year progresses, but Shopify’s chief financial officer Jeff Hoffmeister said on the same call as Finkelstein that their company hasn’t seen “any significant deterioration or improvement” during its second quarter.
That quarter delivered a net income of $171 million or 13 cents per diluted share, Shopify said Wednesday. (All figures in U.S. Dollars.)
The result for the company, which keeps its books in U.S. dollars, compared with a net loss of $1.31 billion or $1.02 per diluted share a year earlier when the company recorded a $1.34-billion charge on the sale of its logistics business.
Revenue for the quarter ended June 30 totalled $2.05 billion, up from $1.69 billion in the same quarter last year.
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