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Shopify Reports Q1 2023 Results and Sells Logistics Business to Flexport
Shopify Inc. announced its financial results for Q1 2023 and a definitive agreement to sell the majority of its logistics business to Flexport. The company reported a 15% increase in gross merchandise volume (GMV) to $49.6 billion and a 25% increase in total revenue to $1.5 billion compared to the previous year. Merchant Solutions revenue increased 31% to $1.1 billion, driven primarily by GMV growth and the continued penetration of Shopify Payments.
During Q1 2023, Shopify welcomed popular brands to its platform, including Keen, 7 for All Mankind, Seiko, and Herschel Supply. The company also launched Commerce Components by Shopify (CCS), a modern, composable stack for enterprise retail, and a new AI shopping assistant on the Shop app, powered by OpenAI’s ChatGPT API.
On May 3, 2023, Shopify agreed to sell the majority of its logistics business, including the people, technology, and services related to these operations, to Flexport, a leading tech-driven global logistics platform. As part of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, in addition to its existing equity interest. Flexport will become the official logistics partner for Shopify and the preferred provider for Shop Promise. The transaction is expected to close in Q2 2023, subject to certain conditions and regulatory approval.
Shopify expects revenue growth in Q2 2023 to be similar to the Q1 growth rate on a year-over-year basis, with gross margin percentage remaining consistent with Q1 2023. The company also anticipates free cash flow profitability for each quarter of 2023 and capital expenditures of approximately $100 million for the full year.
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