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Shopify Reports Strong Q3 Earnings, Revenue of $2.16B, Shares Up 11.5%

Nov 12, 2024, 12:07 PM

Shopify Inc. reported its Q3 2024 earnings, showcasing robust financial performance. The company's revenue reached $2.16 billion, surpassing the estimated $2.12 billion and marking a 26% year-over-year increase. Gross merchandise volume (GMV) was $69.72 billion, exceeding the expected $67.78 billion and reflecting a 24% year-over-year growth. Monthly recurring revenue (MRR) stood at $175 million, up from $137 million the previous year. Shopify's net income for the quarter was $828 million, an increase from $718 million year-over-year. The company also reported an operating profit of $283 million, significantly higher than the $122 million reported in the same period last year. Gross profit was $1.12 billion, up 24% year-over-year. Looking ahead, Shopify projects Q4 revenue growth in the mid-to-high twenties percentage range, implying revenue between $2.68 billion and $2.76 billion. The company expects GAAP operating expense margin to be between 32% and 33%. Following the earnings report, Shopify's US-listed shares rose by 11.5% in premarket trading.