Shopify Stock Surges 20% After Returning to Profit on Lower Expenses, AI Bets

Reuters2023-11-02

Canada's Shopify , returned to a profit in the third quarter, helped by strict cost controls and the use of artificial intelligence across its products to attract more merchants, sending its U.S. shares 10% higher before the bell.

Total revenue for the three months to September stood at $1.7 billion, the company said on Thursday, compared with analysts' estimate of $1.67 billion, according to LSEG data.

Shopify stock soars 20.15% after earnings report.

Shopify has been launching new tools and offerings to stay ahead of competition in the e-commerce arena, while also shipping products at much faster speeds.

The company has also integrated AI-enabled features into its products with the help of Shopify Magic and its AI-enabled assistant "Sidekick".

Net income attributable to shareholders on a diluted basis was 55 cents per share, compared with a loss of 12 cents a year earlier.

Meanwhile, expenses fell nearly 23% to $779 million in the quarter.

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Sunshinekim
2023-11-02
Sunshinekim
Good news !

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