Cost of Revenue Comparison: Shopify Inc. vs Garmin Ltd.

Cost of Revenue: A Tale of Two Companies

In the dynamic world of technology and consumer electronics, Shopify Inc. and Garmin Ltd. have carved distinct paths. Over the past decade, Shopify's cost of revenue has skyrocketed, growing by an astounding 8,100% from 2014 to 2023. This reflects its aggressive expansion and scaling efforts in the e-commerce sector. In contrast, Garmin Ltd., a stalwart in navigation technology, has seen a more modest increase of 76% in the same period, highlighting its steady growth and market stability.

A Decade of Transformation

From 2014 to 2023, Shopify's cost of revenue surged, particularly between 2020 and 2023, where it nearly tripled. Garmin, while experiencing growth, maintained a more consistent trajectory, with its highest increase occurring between 2020 and 2021. This comparison underscores the contrasting business models and market strategies of these two industry leaders.