Shopify with a BLOWOUT quarter. Do people still think their "multiple" is too high? 😀 $SHOP
- $714M rev (+97% YoY) vs $518M consensus
- $196M subscription rev (+28%)
- $518M merchant solutions rev (+148%)
- $30.1B GMV (+119%)
- New stores created (+71%)
- 53% GM
- 8% FCF Margin
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"The COVID-19 pandemic has accelerated the growth of ecommerce, shifting a larger share of retail spending to online commerce, a trend we believe will persist."
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@jaminball
This quarter blew away the most bullish estimates. They smashed it. $SHOP is going to $1400-$1500 before year end.
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@jaminball
Tremendous quarter but this is an artificial high due to once in a lifetime pandemic ... lets see if they can sustain this growth rate in 5-6 quarters from now..I am not hating but it seems logical that there will be a drop-off.
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@amitladhani
Eventually there will be a drop off, yes. But when you grow this quickly I don't think people appreciate just how quickly they grow into their multiple. It allows them to support stock appreciation, even if there's a broader multiple contraction
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@HanSan71536978
My point was the multiple was "high" because consensus estimates MASSIVELY underestimated their projected growth. Reality is if the estimates were accurate the muliple would be much lower (bigger denominator in the multiple)
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@jaminball
😂 love how the multiple madness crew are still claiming it's too high! These people never learn.
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@jaminball
Maybe the traditional E-Commerce route might not be the way moving forward; Jumia & Konga should take note
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@jaminball
A great quarter, yet still some distance between $SHOP and China's e-commerce juggernauts.
A sense of scale:
$SHOP GMV 2019: ~$61B
$PDD GMV 2019: ~$145B
$JD GMV 2019: ~$298B
$AMZN GMV 2019: ~$335B
$BABA GMV 2019: ~$1T
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@jaminball
Any correlation with Shopify’s quarter and CRWD and DOCU clearly getting bought up this morning? I would be shocked if DOCU doesn’t beat both top and bottom by less than 15%. Forecast consistently conservative.
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