Shopify posts surprise profit leading to stock jump

  • General
  • October 26, 2018
  • 149
  • 3 minutes read
image credit : Daniel Weinand on Flickr

E-commerce company Shopify just outed its quarterly financial results reporting a surprise 3rd quarter profit while also beating analyst expectations with $270.1 million revenue, an over 50% jump from $171.5 million in the same period last year.

Analyst estimates expected $258.2 million for 3rd quarter revenue for the Ottawa based company. For this year, subscription solutions revenue grew 46% from the same period last year to $120.5 million boosted by growth in monthly recurring revenue of 41% to $37.9 million primarily driven by merchant adds.

Shopify Plus also continued to increase in contribution to revenue with $9.2 million for Q3. Gross Merchant Volume processed on Shopify Payments also came at $4.1 billion. The company expects revenue of $315 million to $325 million for the fourth quarter. 

Best Buy Co, Inc.

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