E-commerce firm Shopify (SHOP) on Thursday reported a smaller-than-expected loss for the September quarter while revenue topped consensus estimates. SHOP stock rose on the Shopify earnings report.
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Third-quarter results included recently acquired logistics firm Deliverr.
Canada-based Shopify said it lost 2 cents per share on an adjusted basis. Revenue for SHOP stock rose 22% to $1.4 billion, the company said. Revenue growth re-accelerated after six quarters of slowing growth due to the coronavirus pandemic fading and online shopping normalizing.
Analysts expected Shopify to report a loss of 7 cents on revenue of $1.34 billion. A year earlier, Shopify earned 8 cents per share on revenue of $1.12 million.
SHOP Stock Climbs
Also, gross merchandise volume from merchant customers came in at $46.2 billion, up 11%, slightly below estimates of $46.87 billion.
SHOP stock climbed 4.6% to above 30 in early trading on the stock market today. Shopify stock has retreated 78% in 2022 amid the bear market.
Shopify sets up e-commerce websites for small businesses, and partners with others to handle digital payments and shipping.
Meanwhile, the company plans to cut 10% of its workforce. SHOP stock holds a Relative Strength Rating of 13 out of a best-possible 99, according to IBD Stock Check-up.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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