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Ontario-based Shopify (SHOP) recently announced its quarterly results that surpassed market expectations. Shopify remains focused on emerging technologies of AI and cryptocurrency to keep driving growth.

Shopify’s Financials

Shopify’s second quarter revenues grew 31% to $1.7 billion, ahead of the markets estimates by 4.13%. Net loss was $1.3 billion, compared with a net loss of $1.2 billion a year ago. Non GAAP EPS was $0.14, ahead of the market’s forecast of $0.03.

By segment, subscription revenues grew 21% to $444 million. Merchant solutions revenue rose 35% to $1.3 billion.

Among other metrics, gross merchandise volume (GMV) rose 17% to $55 billion in the quarter. Gross Payments Volume (GPV) grew to $31.7 billion. Shopify did not provide a forecast for the quarter.

Shopify’s Growth Focus

Recently, Shopify released Shopify Magic, its collection of free AI-enabled features that are integrated across Shopify’s products and workflows. As a part of Shopify Magic, Shopify launched its new AI-enabled commerce assistant Sidekick, a new chat interface packed with advanced AI capabilities built for commerce.

With Sidekick, merchants have a new commerce expert that allows entrepreneurs to utilize everyday language and have conversations that jump-start the creative process, tackle time-consuming tasks, and make smarter business decisions. Sidekick integrates seamlessly with the Shopify admin, enhancing and streamlining merchant operations. With the AI integration in Shopify, businesses are able to make data-driven decisions, optimize operations, and achieve greater success from first scale to full scale.

Recently, Shopify announced an integration with Solana Pay, the decentralized payment protocol by Solana Labs. The integration will allow merchants on Shopify’s platform to use Solana Pay’s services for crypto transactions with no transaction fee until 2024. The partnership will also allow merchants to set up loyalty programs on cryptocurrency through an easy process.

Its stock is trading at $55.46 with a market capitalization of $71.1 billion. It hit a 52-week high of $71.43 in July and a 52-week low of $23.63 in October last year.

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