Shopify profits and revenue jump off back of new initiatives

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Ecommerce platform Shopify has recorded an increase in profit and revenue for the fourth quarter and full year in 2022, driven by “new strategic products”.

Profit in Q4 grew 15% to $798.5m (£668m) year on year, while profit for the full year ending December 31, 2022, grew 11% to $2.8bn (£2.3bn) in 2022, compared with $2.5bn (£2.1bn) in 2021.

Total revenue in Q4 increased by 26% to $1.7bn (£1.4bn) compared with the same period last year, while FY22 revenue increased 21% to $5.6bn (£4.7bn).

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