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Shopify reported a 37% year-over-year increase in Merchant Solutions revenues during Q2 2025, reaching $2.03 billion. Gross Merchandise Volume (GMV) grew by 31%, amounting to $87.84 billion, driven by a 64% penetration rate of Shopify Payments and a 65% rise in GMV processed through Shop Pay, totaling $27 billion.
Shopify anticipates mid-to-high 20% revenue growth in Q3 2025, aided by the expansion of payment solutions and international growth, particularly in Europe and emerging markets. The Zacks Consensus Estimate for Q3 2025 Merchant Solutions revenues reflects a 31% increase compared to the prior year.
In contrast, Shopify faces intense competition from eBay, which reported $19.5 billion in GMV for Q2 2025 with 134 million active buyers, and Amazon, which dominates U.S. e-commerce through its “Buy with Prime” service.
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