The e-commerce firm recorded US$2.8 billion in revenue for the third quarter, up from about US$2.2 billion in the same time the previous year, outpacing analysts’ expectations. (The Logic)
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The e-commerce firm recorded US$2.8 billion in revenue for the third quarter, up from about US$2.2 billion in the same time the previous year, outpacing analysts’ expectations. (The Logic)
Talking point: Shopify’s quarterly profit was US$264 million or 20 cents a share, down from US$828 million of 64 cents a share quarter over quarter. Its take rate—or the effective share the company earns of its merchants’ transactions via its technology—was roughly flat at about 2.33 per cent. The company said it expects revenue to grow in the mid-to-high twenties percentage rate in its busy holiday quarter, also above analysts’ expectations. Shares were down slightly in early morning trading, which one analyst attributed to broader market concerns. Shopify recently unveiled AI tools for its clients and announced a partnership with OpenAI that will let shoppers buy items from Shopify merchants directly through ChatGPT—these will help Shopify merchants “win” the holiday season, said president Harley Finkelstein in a conference call with analysts.
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