RevenueMRR growth came in a little light of estimates during the quarter, with the lowest increase seen in two years.
Subscription RevenueMRR of $178M was modestly below the $182M consensus due to the transition from 1-month paid trials to 3-month trials, which is expected to be a headwind to subscription revenue in H1 2025.
ValuationThere are a lot of things going right for Shopify, but it is without a doubt an expensive stock to own.