In Q3 2023, there was a 25% increase in revenue, reaching USD 1.7 billion compared to the previous year, resulting in a 30% YoY growth. This growth was primarily propelled by a 24% YoY rise in merchant sales revenue, totaling USD 1.2 billion. This was attributed to the increase in gross merchandise volume (GMV) by 22% YoY, reaching USD 56.2 billion, driven by Shopify Payments. Additionally, Q3 Subscription Solutions' revenue saw a 29% YoY increase, indicating more merchants joining the platform and the impact of pricing adjustments.

The company's operating income for the quarter was USD 122 million, equivalent to 7% of the total revenue, a significant improvement compared to the prior year, which had reported an operating loss of USD 346 million. This improvement was mainly driven by higher gross profit and reduced operating expenses in the same quarter. 

Shopify had several key product updates during the quarter. It launched the “Retail Plan,” a new pricing package tailored for brick-and-mortar businesses that primarily conduct in-person sales. The company also introduced the “POS Terminal,” advanced payment hardware accessible in the US and Canada, which enables merchants to convert their mobile point-of-sale into a countertop payment device with Wi-Fi and Ethernet support. 

Shopify forged several partnerships during the quarter, extending its collaboration with Flexport, integrating the Buy with Prime app for US Amazon fulfillment network users into Shopify Checkout, partnering with Faire to enhance B2B commerce, and announcing a global product development partnership with WPP.