Below are SHOP’s revenues by segment (Subscription and Merchant). It’s also nice to see that margins are not dropping so far.
**Subscription Revenue in $000**
**2012 2013 2014 2015 2016 Q1 2017**
Revenue 19200 38339 66668 111979 188606 62080
Cost of Rev 4291 8504 16790 24531 39478 12254
Gross Profit 14909 29835 49878 87448 149128 49826
GM 78% 78% 75% 78% 79% 80%
**Merchant Revenue in $000**
**2012 2013 2014 2015 2016 Q1 2017**
Revenue 4513 11913 38350 93254 200724 65299
Cost of Rev 485 5009 26433 69631 140357 42884
Gross Profit 4028 6904 11917 23623 60367 22415
GM 89% 58% 31% 25% 30% 34%