$Shopify (SHOP.US) 2Q24 first take: At first glance, Shopify delivered a comprehensive beat this quarter, with key operating metrics GMV and GPV both exceeding expectations by 2%~3%. Year-over-year growth remained strong at approximately 22% and nearly 30%, respectively, while the payment ratio continued to rise. Another indicator reflecting subscription business performance, MRR (Monthly Recurring Revenue), significantly outperformed expectations by over 6%.

Since both GMV and MRR exceeded expectations, the corresponding subscription service revenue and merchant service revenue also outperformed proportionally. Total revenue was slightly higher than expected by 1.7%, amounting to an additional ~$35 million.

Moreover, due to impressive management cost control (-54% YoY) and similarly conservative spending on marketing and R&D, total operating expenses were nearly 12% lower than expected, saving approximately $100 million. Thanks to this exaggerated cost control, core operating profit reached $280 million, doubling quarter-over-quarter.

For next quarter's guidance, the company expects revenue to maintain relatively high growth of 20%~25%, with operating expenses accounting for 41%~42% of revenue—significantly lower than the market's expectation of 44%. In other words, profit release next quarter is also expected to outperform.

In summary: growth, cost control, and profit expansion—indeed, the performance is outstanding.