Shopify Inc. (NYSE:SHOP) Q2 2023 Earnings Call Transcript - Page 5 of 5 - InvestingChannel

Shopify Inc. (NYSE:SHOP) Q2 2023 Earnings Call Transcript

Jeff Hoffmeister: Yeah. Todd, the only point, I think we all see the same economic data that you’re watching. And we talked before, both Harley and did talk about the strength you’re seeing in Europe, I think we’re doing better in Europe than others are. So I think that is one spot particular strength for us. And what we’re seeing in North America continues as it was last quarter to be a good mix in terms of same-store sales growth for our existing merchants as well as a strong merchant acquisition model. So I don’t think I have anything that I can extrapolate into broader comments around the probability of recession. I can just speak to the strength of our business and we’re really firing on all cylinders.

Carrie Gillard: And our final question will come from Trevor Young at Barclays.

Trevor Young: Great. Thanks. Just on audiences. Any update on whether monetization of that has moved up in terms of priority and them the possible mechanisms for monetizing that whether it will be like a per user subscription type fee. So just timing and method for monetizing audiences?

Jeff Hoffmeister: Yeah. I mean Audiences, we talked a bit about this at Editions, which happened last week. We rolled out audiences too. The algorithm keeps getting better. We keep seeing increased adoption. Right now the monetization is happening indirectly obviously through GMV. No necessarily news on that. But we feel like the better audiences become — the more it becomes something that every merchant wants to use and effectively becomes the must have when they’re running ads across the major ad platforms that provides us with incredible leverage and again that’s it’s only available on Shopify. So right now, we’re focused on indirectly monetization for audiences, but that obviously levers available to us in the future.

Carrie Gillard: This concludes our second quarter of 2023 conference call. Thank you for joining us. Good-bye.

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