Shopify
Q4 2022 Earnings Call
Feb 15, 2023, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Amy Feng
Good afternoon and thank you for joining Shopify's fourth quarter and fiscal year 2022 conference call. Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's vice president; and Jeff Hoffmeister, our CFO, are with us today. After their prepared remarks, we will open up for your questions. We will make forward-looking statements on our call today that are based on assumptions, and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected.
We undertake no obligation to update these statements, except as required by law. You can read about these assumptions, risks and uncertainties in our press release this afternoon as well as in our filings with U.S. and Canadian regulators. We'll also speak to adjusted financial measures, which are non-GAAP and are not a substitute for GAAP financial measures.
Reconciliations between the two are in the tables at the end of our press release. And finally, we report in U.S. dollars. So all amounts discussed today are in U.S.
dollars unless otherwise indicated. With that, I will turn the call over to Harley.
Harley Finkelstein -- President
Thanks, Amy, and good afternoon, everyone. 2022 marked another strong year for our merchants and Shopify, a year that reflects the resilience of our business model and commerce operating system. Our revenue grew 21% for the year, reaching $5.6 billion as we added nearly $4 billion to our top line since 2019. The growth rate we saw in 2022 is particularly noteworthy when you realize that this growth was on top of the incredible 57% growth we saw in 2021 and 85% growth in 2020.
Against this backdrop, we continue to see data supporting the strength of entrepreneurship and new business starts. According to the U.S. Census Bureau, applications for new businesses have been approximately $5 million a year for 2021 and 2022, which is a step function above the $4 million per year average for the previous five years. Shopify's penetration of the U.S.
e-commerce market is currently 10%, with this year's GMV surpassing $197 billion as GMV has grown more than three times since 2019. Since our inception, Shopify has powered over $0.5 trillion in global commerce as we increasingly become the platform of choice for brands of all sizes. This past year, our merchants had their most successful Black Friday, Cyber Monday selling period ever, generating $7.5 billion in sales over that period, a growth of 21% year over year on a constant currency basis. For that four-day period, approximately 52 million consumers worldwide purchase from brands powered by Shopify, representing a 12% increase from the same period in 2021.