Headcount has been flat for more than eight quarters while revenue grew 34%
Renato Neves, CFA
09/11/2026 09:37
Summary
- StoneX kept Shopify at a Buy rating, pointing to conversion data that supports Shopify’s position beneath AI shopping interfaces.
Shopify Inc. SHOP rose 3.45% intraday as StoneX <a href="https://uk.investing.com/news/stock-market-news/stonex-reiterates-shopify-stock-buy-rating-on-ai-commerce-data-93CH-4866355″ rel=”nofollow noopener” target=”_blank”>reiterated a Buy rating, pointing to comments chief operating officer Jess Hertz made on September 1. Hertz said agent-referred traffic using Shopify Catalog data converts at twice the rate of traffic built on scraped data.
Hertz said 75% of AI-attributed orders in the prior quarter came from categories outside Shopify’s 100 largest. StoneX reads the structured catalog data as both improving conversion and spreading demand. She also said agentic gross merchandise volume remains small, and that nearly 90% of quarterly revenue comes from merchants more than a year old.
Shopify headcount has been flat for more than eight quarters while revenue grew 34%, on $13.27 billion of trailing twelve-month revenue and a gross margin near 48%. StoneX said the data supports Shopify’s attempt to become the commerce and merchant-of-record layer sitting beneath multiple AI interfaces.
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