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Shopify Announces Third - Quarter 2021 Financial Results Cumulative GMV reaches $ 400 billion as Shopify continues to simplify commerce for entrepreneurs everywhere Shopify reports in U.S. dollars and in accordance with U.S. GAAP shopify Internet , Everywhere October 28 , 2021 Shopify Inc. ( NYSE , TSX : SHOP ) , a provider of essential internet infrastructure for commerce , announced today strong financial results for the quarter ended September 30 , 2021 . - EXHIBIT 99.1 - Third - Quarter Financial Highlights ● " It took 15 years for our merchants to get to $ 200 billion in cumulative GMV , and just 16 months to double that to $ 400 billion , " said Harley Finkelstein , Shopify's President . " Our merchants ' GMV remained strong in Q3 . As the share of GMV from offline expanded within our total GMV , it is clear that entrepreneurs are embracing a future in which retail happens everywhere . Shopify is making it easier for more merchants worldwide to build direct and authentic relationships with their customers , in creative ways that work best for them . " " The strength of Shopify's flywheel was on display within the more normalized spending environment we saw this past quarter , as more merchants used more of our platform to start and grow their businesses , " said Amy Shapero , Shopify's CFO . " Our results show that Shopify is executing well , giving our merchants the tools they need to compete in differentiated ways in a growing number of markets . We remain focused on simplifying commerce for our merchants so they can take full advantage of what digital makes possible and reimagine retail . " Total revenue in the third quarter was $ 1,123.7 million , up 46 % year over year . Subscription Solutions revenue was $ 336.2 million , up 37 % year over year , primarily due to more merchants joining the platform . Merchant Solutions revenue was $ 787.5 million , up 51 % year over year , driven primarily by the growth of Gross Merchandise Volume¹ ( " GMV " ) . Monthly Recurring Revenue² ( " MRR " ) as of September 30 , 2021 was $ 98.8 million . MRR increased 33 % year over year , up from $ 74.4 million as of September 30 , 2020 as more merchants joined the platform and 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 .