Shopify Beats Quarterly Revenue Estimates

Reuters2022-10-27

Oct 27 (Reuters) - Shopify Inc beat Wall Street estimates for quarterly revenue on Thursday, as businesses stuck to the Canadian online services provider's tools and payment options to scale up.

The company's U.S.-listed shares rose nearly 8% in trading before the bell. The stock has already lost more than three-quarters of its value so far this year.

Best known as the one-stop-shop platform for online businesses, Shopify is slowly moving into offline payments and adding more tools for businesses to connect with their shoppers online and build on the growth of influencers on social media.

The new tools, such as the offline payments devices, it provides retailers could help Shopify cope with a post-pandemic slowdown in e-commerce.

The company's gross merchandise volume (GMV) grew 11% to $46.2 billion in the third quarter.

For the fourth quarter, Shopify expects GMV growth to outperform the broader U.S. retail market.

The company's third-quarter revenue rose 22% to $1.4 billion. Analysts had expected $1.34 billion, according to Refinitiv IBES data.

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Comments

  • Bel8680
    2022-10-27
    Bel8680
    Ok
  • Nickcch
    2022-10-27
    Nickcch
    In this case, maybe Amazon has hope as ecommerce is their weakest link. Cloud up from Google stats, so Amazon should be good too in this sector. Average should point to positive result. Just off the air my 2 cents worth guess w/o deep analysis yet. Good luck! 
  • UTOtrader
    2022-10-27
    UTOtrader
    T
  • UTOtrader
    2022-10-27
    UTOtrader
    T
  • nctony
    2022-10-27
    nctony
    Power[Miser] 
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