Shopify revenue tops estimates as e-commerce group eyes holiday shopping season

November 13, 2024 12:17 AM AEDT | By Investing

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Shopify revenue tops estimates as e-commerce group eyes holiday shopping season

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Investing.com - Shopify (NYSE:SHOP) has reported third-quarter revenue that topped analysts' expectations, as the demand remained strong for the e-commerce services group's artificial intelligence-enhanced offerings.

In the three months ended on Sept. 30, gross merchandise volume -- a key growth metric used to determine the monetary value of total sales during the period -- climbed by 24% versus the year-ago period to $69.72 billion. Analysts had been anticipating $67.78 billion.

Sales at its merchant solutions unit soared by 26% to $1.52 billion, contributing to much of the Canadian company's overall revenue of $2.16 billion. Wall Street projections had seen the top-line figure at $2.12 billion.

Shopify President Harley Finkelstein added the firm, which helps small- and medium-sized businesses construct their online stores, anticipated that merchants will continue to rely on its tools as the all-important holiday shopping season approaches.

For the current quarter, Shopify said it expects revenues to grow in the mid-to-high-twenties percentage rate on a year-over-year basis. Gross profit also estimated to expand at a "similar" pace to the third quarter, when it rose by 24.1% to $1.12 billion.

Operating income also rose to $283 million, up from $122 million in the corresponding timeframe last year.

Shares in Shopify spiked in premarket US trading on Tuesday.

This article first appeared in Investing.com

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