Gross Profit Trends Compared: Shopify Inc. vs Garmin Ltd.

Gross Profit Evolution: Shopify Inc. vs Garmin Ltd.

In the dynamic world of technology and e-commerce, the financial trajectories of Shopify Inc. and Garmin Ltd. offer a fascinating study. Over the past decade, Shopify has seen a meteoric rise in its gross profit, growing from a modest $62 million in 2014 to an impressive $3.5 billion by 2023. This represents a staggering increase of over 5,500%, underscoring Shopify's rapid expansion in the e-commerce sector.

Conversely, Garmin Ltd., a stalwart in the GPS and wearable technology market, has demonstrated steady growth. From 2014 to 2023, Garmin's gross profit increased by approximately 87%, from $1.6 billion to $3 billion. This consistent growth highlights Garmin's resilience and adaptability in a competitive market.

The contrasting growth patterns of these two companies reflect broader industry trends, with Shopify capitalizing on the e-commerce boom and Garmin maintaining its stronghold in consumer electronics.