E-commerce Platform Shopify' Soars On Solid Q3, Gross Merchandise Volume Hits $56.2B
Portfolio Pulse from Anusuya Lahiri
Shopify Inc (NYSE:SHOP) reported a 25% YoY increase in Q3 revenue to $1.71 billion, beating the consensus estimate of $1.67 billion. The company's adjusted EPS was $0.24, surpassing analyst estimates of $0.14. Gross merchandise volume rose 22% YoY to $56.2 billion, and merchant solutions revenue increased 24% YoY to $1.2 billion. Shopify expects FY23 revenue growth in the mid-twenties percentage rate, higher than the previous expectation of low-twenties percentage rate. The company's stock has gained 37% YTD.
November 02, 2023 | 1:26 pm
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Shopify's Q3 earnings beat estimates, with significant YoY increases in revenue and gross merchandise volume. The company's stock has gained 37% YTD.
Shopify's Q3 earnings exceeded expectations, with significant increases in revenue and gross merchandise volume. This positive financial performance is likely to boost investor confidence and could drive further increases in the company's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100