Shopify（TSX：SHOP）報告了第一季度2025年結果：收入飆升27％至23.6億美元

Shopify（TSX：SHOP）報告了第1季度2025年結果：收入飆升了27％至23.6億美元，由商人解決方案領導

Shopify (TSX:SHOP) has reported its Q1 2025 earnings, exceeding revenue estimates with a 27% year-over-year increase to $2.36 billion. The e-commerce giant also reported a steeper-than-expected net loss, largely due to a $908 million in equity writedowns.

Shopify（TSX：SHOP）報告了其第1季度的2025年收入，超過收入估算，同比增長27％，至23.6億美元。這家電子商務巨頭還報告說，淨虧損幅度較高，這主要是由於股票寫道的耗資9.08億美元。

Here’s a summary of Shopify’s earnings report for the first quarter of 2025:

這是Shopify 2025年第一季度收益報告的摘要：

* Revenue: $2.36 billion versus $1.98 billion

*收入：23.6億美元與19.8億美元

* Gross profit: $1.17 billion versus $962 million

*毛利潤：11.7億美元與9.62億美元

* Operating expenses: $966 million versus $868 million

*運營費用：9.66億美元與8.68億美元

* Operating income: $203 million versus $86 million

*營業收入：2.03億美元與8600萬美元

* Net loss: $682 million versus $273 million

*淨虧損：6.82億美元與2.73億美元

* Adjusted net income: $226 million versus $144 million

*調整後的淨收入：2.26億美元與1.44億美元

The report highlights a strong performance in merchant solutions, which increased by 29% to $1.74 billion, compared to subscription solutions, which saw a 21% rise to $620 million.

該報告強調，與訂閱解決方案相比，商家解決方案的出色表現增長了29％，達到17.4億美元，訂閱解決方案增長了21％，達到6.2億美元。

The company's gross margin remained stable at approximately 49.5%, while operating expenses increased by 11%. Notably, sales and marketing expenses rose to $405 million from $361 million, and R&D investments climbed to $377 million from $335 million.

該公司的毛利率保持穩定，約為49.5％，而運營費用增加了11％。值得注意的是，銷售和營銷費用從3.61億美元增長到4.05億美元，研發投資從3.35億美元攀升至3.77億美元。

Despite the reported net loss, CFO Jeff Hoffmeister preferred to focus on adjusted net income, which excludes the impact of equity investments. He highlighted the volatility of third-party equity valuations, stating that they hold "little analytical or predictive value regarding our ability to drive operational results."

儘管據報導淨虧損，但首席財務官Jeff Hoffmeister卻寧願專注於調整後的淨收入，這不包括股票投資的影響。他強調了第三方股權估值的波動性，並指出，他們“對我們推動運營結果的能力幾乎沒有分析或預測價值”。

In terms of cash flow, Shopify generated $367 million in the quarter, an increase of 54%. Free cash flow reached $363 million, marking a 56% year-over-year growth and pushing the free cash flow margin to 15%, compared to 12% in Q1 2024.

在現金流方面，Shopify在本季度產生了3.67億美元，增長了54％。自由現金流達到了3.63億美元，標誌著同比增長56％，將自由現金流利潤率提高到15％，而第1季度2024年第1季度為12％。

However, Shopify's cash and cash equivalents dropped to $1.31 billion from $1.5 billion at year-end, mainly due to aggressive capital deployment—$805 million in loan originations and a $56 million business acquisition—despite $1.33 billion in maturing securities.

但是，Shopify的現金和現金當量從年終的15億美元下降到13.1億美元，這主要是由於積極的資本部署（8.05億美元的貸款起源和5600萬美元的商業收購），儘管有13.3億美元的成熟證券。

Moreover, the company's gross merchandise volume reached $74.75 billion, a 23% increase from $60.86 billion last year, and its monthly recurring revenue rose to $182 million from $151 million.

此外，該公司的總商品銷量達到747.5億美元，比去年的608.6億美元增長了23％，其每月的經常性收入從1.51億美元上升到1.82億美元。

For the second quarter of 2025, Shopify anticipates mid-20s revenue growth and high-teens gross profit growth year-over-year. Operating expenses are expected to remain stable at 39–40% of revenue, and free cash flow margins are projected to stay in the mid-teens.

在2025年第二季度，Shopify預計20年代中期的收入增長和高年級票房額度增長。預計運營費用將保持穩定，佔收入的39-40％，預計自由現金流利潤率將留在中期。

As of Friday's closing bell, Shopify (TSX:SHOP) traded at $131.29.

截至週五的閉幕式，Shopify（TSX：Shop）的交易價格為131.29美元。