Shopify generated revenue of $1.7 billion USD in the fourth quarter of 2022, marking a 26 percent jump compared to the same period in 2021, according to the company’s latest earnings report.

For Shopify, this increase is larger than its year-over-year growth rate in the third quarter of 2022.

Though the company’s business continues to grow despite challenging conditions, these results still pale in comparison to the growth Shopify saw during its COVID-19 highs, as the firm contends with a macroeconomic downturn and e-commerce slowdown.

Even in Q4 2021, when Shopify’s revenue growth first began to slow as pandemic tailwinds subsided, the company saw revenue growth of 41 percent year-over-year.

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