How Profitable Is Shopify Exactly After Accounting for Stock-Based Compensation?

After years of rapid expansion, the jury is now out on Shopify (NYSE: SHOP) stock. The last I wrote about Shopify following the second-quarter report, I discussed what accounted for the company's massive $2.68 billion net loss (using GAAP, or generally accepted accounting principles) through the first half of 2022. GAAP net income or net loss doesn't really tell the true profitability of Shopify's actual operations.