Shopify (SHOP) said: “We expect the strong merchant momentum from Q4 to carry over into Q1, recognizing that Q1 is consistently our lowest GMV quarter seasonally. With that backdrop, for the first-quarter of 2025 we expect: Revenue to grow at a mid-twenties percentage rate on a year-over-year basis; Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis; Operating expense as a percentage of revenue to be 41% to 42%; Stock-based compensation to be $120M; and Free cash flow margin to be in the mid-teens.”
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