In a sense, Shopify’s financial overview is similar to Amazon’s. Both derive the most profit not from their core products but from complementary services. Amazon’s cloud computing division, an outgrowth of its marketplace infrastructure, accounts for over 60% of gross profit.<\/p>\n
Similarly, Shopify’s “Merchant solutions”\u2014almost entirely Shopify Payments, its credit card processing service\u2014produced roughly 70% of revenue in Q1 and 56% of gross profit.<\/p>\n
Fees to access Shopify’s core SaaS platform \u2014 called “Subscription solutions” \u2014 accounted for less than half of gross profit in Q1 2024.<\/p>\n
Total revenue for Q1 \u2014 Subscription solutions plus Merchant solutions \u2014 grew by roughly 23% from the prior year, from $1.5 billion to $1.9. In comparison, Amazon’s<\/a> Q1 2024 revenue was $143.3 billion, with $80.4 million for BigCommerce.<\/p>\n