Ilya Banares
Thu, November 2, 2023 at 5:25 AM MDT·2 min read
https://finance.yahoo.com/news/shopify-soars-third-quarter-sales-112535696.html
(Bloomberg) -- Shopify Inc. reported sales and profit for the third quarter that beat analyst expectations after the Canadian e-commerce giant slashed costs and partnered with Amazon.com Inc. for its fulfillment network.
Revenue for the period came in at $1.71 billion, up about 25% year-over-year and beating the $1.68 billion average estimate of analysts surveyed by Bloomberg. Profit, excluding one-time items, was 24 cents a share, well above the 15 cents expectation.
Shopify rose as much as 18% in US premarket trading.
“Our results showcased the durability of our business model as we delivered a compelling combination of both top line growth and profitability,” Chief Financial Officer Jeff Hoffmeister said in a statement. “We will continue to operate with discipline, thoughtfully investing in the huge opportunities ahead across regions, products, and channels to help merchants capture every opportunity every step of the way.”
Gross merchandise volume, the overall value of merchant sales across Shopify’s systems, was $56.2 billion, above Wall Street projections of $54.42 billion.
The Ottawa-based company said 2023 revenue is expected grow at a “mid-twenties percentage rate” on a year-over-year basis, driven by sales growth in the fourth quarter “in the high teens.” Free cash flow will also continue to improve, the company said.
Shopify has been on a drive to turn around its business as it seeks to reverse a late-pandemic slump. Earlier this year it cut more than 2,000 jobs in a second round of job cuts and sold the majority of its logistics unit to Flexport Inc. In late August, it struck a deal to allow merchants on its platform to use Amazon’s “Buy with Prime” service to deliver packages.
"Then there was a woman, a lion of a woman."
Recent SHOP News
- U.S. Futures Slightly Dip Amid Corporate Earnings and Quiet Economic Calendar, Oil Prices Fall • IH Market News • 05/08/2024 12:29:17 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 11:05:10 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 11:04:28 AM
- Paramount’s Shares Surge Following Sony and Apollo’s Joint Bid; ISS Backs Berkshire Hathaway Director Re-election, and More • IH Market News • 04/19/2024 11:31:22 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:32:01 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:31:33 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:31:01 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/29/2024 09:02:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/28/2024 09:31:59 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/15/2024 09:12:45 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 09:32:15 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 09:30:40 PM
- Form 40-F - Registration statement [Section 12] or Annual Report [Section 13(a), 15(d)] • Edgar (US Regulatory) • 02/13/2024 12:08:30 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/13/2024 12:07:18 PM
- Former Shopify CFO and Small Business Advocate Amy Shapero Joins Jobber's Board of Directors as Company Positions Itself to Lead Tech Adoption in Home Service • PR Newswire (US) • 02/05/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/30/2024 09:32:01 PM
- Freight Forwarder Flexport Raises $260 Million From Shopify • Dow Jones News • 01/22/2024 12:37:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/16/2024 09:05:40 PM
- Shopify and Manhattan to Build Unified Commerce Solution • Business Wire • 01/13/2024 04:18:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/02/2024 09:15:50 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 09:43:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 09:36:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 09:35:45 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 09:34:51 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 09:33:48 PM
FEATURED Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • BLOZF • May 7, 2024 8:51 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM