Shopify（TSX：SHOP）报告了第一季度2025年结果：收入飙升27％至23.6亿美元

Shopify（TSX：SHOP）报告了第1季度2025年结果：收入飙升了27％至23.6亿美元，由商人解决方案领导

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）报告了其第1季度的2025年收入，超过收入估算，同比增长27％，至23.6亿美元。这家电子商务巨头还报告说，净亏损幅度较高，这主要是由于股票写道的耗资9.08亿美元。

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

这是Shopify 2025年第一季度收益报告的摘要：

* Revenue: $2.36 billion versus $1.98 billion

*收入：23.6亿美元与19.8亿美元

* Gross profit: $1.17 billion versus $962 million

*毛利润：11.7亿美元与9.62亿美元

* Operating expenses: $966 million versus $868 million

*运营费用：9.66亿美元与8.68亿美元

* Operating income: $203 million versus $86 million

*营业收入：2.03亿美元与8600万美元

* Net loss: $682 million versus $273 million

*净亏损：6.82亿美元与2.73亿美元

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

*调整后的净收入：2.26亿美元与1.44亿美元

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.

该报告强调，与订阅解决方案相比，商家解决方案的出色表现增长了29％，达到17.4亿美元，订阅解决方案增长了21％，达到6.2亿美元。

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.

该公司的毛利率保持稳定，约为49.5％，而运营费用增加了11％。值得注意的是，销售和营销费用从3.61亿美元增长到4.05亿美元，研发投资从3.35亿美元攀升至3.77亿美元。

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."

尽管据报道净亏损，但首席财务官Jeff Hoffmeister却宁愿专注于调整后的净收入，这不包括股票投资的影响。他强调了第三方股权估值的波动性，并指出，他们“对我们推动运营结果的能力几乎没有分析或预测价值”。

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.

在现金流方面，Shopify在本季度产生了3.67亿美元，增长了54％。自由现金流达到了3.63亿美元，标志着同比增长56％，将自由现金流利润率提高到15％，而第1季度2024年第1季度为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的现金和现金当量从年终的15亿美元下降到13.1亿美元，这主要是由于积极的资本部署（8.05亿美元的贷款起源和5600万美元的商业收购），尽管有13.3亿美元的成熟证券。

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，该公司的总商品销量达到747.5亿美元，比去年的608.6亿美元增长了23％，其每月的经常性收入从1.51亿美元上升到1.82亿美元。

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预计20年代中期的收入增长和高年级票房额度增长。预计运营费用将保持稳定，占收入的39-40％，预计自由现金流利润率将留在中期。

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

截至周五的闭幕式，Shopify（TSX：Shop）的交易价格为131.29美元。