Shopify reported third-quarter earnings and sales that beat analysts' expectations.
The e-commerce tech company’s adjusted earnings for the third quarter came in at $1.13 a share (vs. a loss of - 29 cents a share a year ago). Analysts polled by FactSet had expected 52 cents a share earnings.
Revenue surged +96% year-over-year to $767.4 million in the quarter, exceeding analysts' forecasts of $657.8 million.
The company’s subscription solutions revenue increased +48% to $245.3 million, on the back of more merchants entering the platform. Merchant solutions revenue climbed +132% to $522.1 million. Monthly recurring revenue from ongoing customer service subscriptions was $74.4 million as of Sept. 30.