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$ shopify Shopify Announces First - Quarter 2021 Financial Results First - Quarter Revenue Growth Accelerates to 110 % on GMV Growth of 114 % Year on Year Shopify reports in U.S. dollars and in accordance with U.S. GAAP Internet , Everywhere April 28 , 2021 - Shopify Inc. ( NYSE : SHOP ) ( TSX : SHOP ) , a leading global commerce company , announced today strong financial results for the quarter ended March 31 , 2021 . " More entrepreneurs around the world are choosing Shopify to launch and grow their businesses , and for good reason , " said Harley Finkelstein , Shopify's President . “ Our singular focus is on making entrepreneurship easier , and making it easier for entrepreneurs to succeed . Merchant sales growth on our platform accelerated in the first quarter as merchants leveraged our modern commerce technology , which helps them compete in any retail environment and engage directly with their customers wherever they are . " " Shopify's momentum continued into 2021 as digital commerce tailwinds remained strong and merchants took advantage of the range of capabilities offered by our platform , ” said Amy Shapero , Shopify's CFO . " We are focused on building a commerce operating system that will help shape the future of retail . Our merchant - first business model positions us to capture the massive opportunity presented by the growth of digital commerce , benefiting both our merchants and Shopify . " First - Quarter Financial Highlights • • • Total revenue in the first quarter was $ 988.6 million , with growth accelerating to 110 % year over year . Subscription Solutions revenue was $ 320.7 million , with growth accelerating to 71 % year over year , primarily due to more merchants joining the platform . Merchant Solutions revenue was $ 668.0 million , with growth accelerating to 137 % , driven primarily by the growth of Gross Merchandise Volume ' ( " GMV " ) . Monthly Recurring Revenue² ( " MRR " ) as of March 31 , 2021 was $ 89.9 million . Growth accelerated to 62 % year - over - year with MRR up from $ 55.4 million as of March 31 , 2020 as more merchants joined the platform and POS Pro contributed its first full quarter of revenue . Shopify Plus contributed $ 23.1 million , 1. Gross Merchandise Volume , or GMV , represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue - sharing arrangement is in place in the period , net of refunds , and inclusive of shipping and handling , duty and value - added taxes . 2. Monthly Recurring Revenue , or MRR , is calculated by multiplying the number of merchants by the average monthly subscription plan fee in effect on the last day of that period and is used by management as a directional indicator of subscription solutions revenue going forward assuming merchants maintain their subscription plan the following month .