Shopify (SHOP.US) Q1 revenue exceeds expectations, but the looming threat of tariffs is hard to ignore. The cancellation of the $800 tax-free threshold could severely impact cross-border Gross Merchandise Volume.

According to the Chinese financial news app, Shopify, a Canadian e-commerce service provider, reported first quarter sales of $23.6 billion in 2025, exceeding analysts' expectations of $23.4 billion. The Gross Merchandise Volume (GMV) on Shopify's platform, which is the total sales achieved by merchants through the Shopify system, reached $747.5 billion. This number is slightly lower than the Wall Street analysts' expectations, as they had predicted a GMV of $748 billion for the quarter.