Shopify Reports Strong Q3 Results
Shopify announces a profitable Q3, surpassing revenue expectations and fueled by new merchants and strong merchant solutions performance.
In the third quarter, Shopify announced a profitable quarter, surpassing revenue expectations fueled by a surge in new merchants joining their platform and a stellar performance from their largest merchant solutions segment.
The Canadian-based cloud-based commerce platform reported a net income of $718 million, or 55 cents per share, in comparison to a loss of $159 million, or 12 cents per share, during the same quarter last year.
Impressive Revenue Growth
Shopify's revenue for the quarter reached $1.71 billion, exceeding analyst predictions of $1.67 billion.
Merchant Solutions Segment Performance
Shopify attributes the strong performance of the merchant solutions unit to two key factors: