Shopify Reports Mixed Q3 Earnings

Shopify SHOP reported quarterly losses of 29 cents per share on Tuesday, which may not compare to the analyst consensus estimate of 11 cents.

The company reported quarterly sales of $390.6 million, which beat the analyst consensus estimate of $384.51 million by 1.58%. This is a 44.63% increase over sales of $270.064 million the same period last year.

"More than a million merchants are now building their businesses on Shopify, as more entrepreneurs around the world reach for independence," Shopify CEO Tobi Lütke said in a statement.

"These merchants chose Shopify because we're making entrepreneurship easier, and we will continue to level the playing field to help merchants everywhere succeed. Our strong results in the quarter were driven in part by the success of our international expansion, which is just one of the many ways we are investing in the platform," Shopify CFO Amy Shapero said.

Shopify shares were trading down 4.7% at $309.54 in Tuesday’s pre-market session. The stock has a 52-week range between $409.61 and $117.64.

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