On Thursday, Shopify Inc (NYSE: SHOP) published its third quarter results, topping both top and bottom line estimates while also uplifting its fourth quarter guidance. Upon the report, Shopify stock closed 22.3% up, with both its U.S. and Canada-listed shares surging more than 21% and hitting their highest levels since May.
Strong Third Quarter Results
For the quarter that ended on September 30th, Shopify reported revenue grew 25% YoY as it amounted to $1.71 billion, topping the expected $1.67 billion. The total volume of merchandise sold on the platform, expressed as gross merchandise volume rose 22% to $56.2 billion, topping FactSet’s estimate of $54.2 billion. Shopify also managed to swing from last year’s Q3 loss to a net income of $718 million, or 55 cents a share as ...