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Shopify reports Q3 net income up from year ago as revenue climbed 26%
OTTAWA — Shopify Inc. reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
The e-commerce technology company, which keeps its books in U.S. dollars, says revenue for the quarter totalled US$2.16 billion for the quarter ended Sept. 30, up from US$1.71 billion a year earlier.
Subscription solutions revenue totalled US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify says its net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
In its outlook for its fourth quarter of 2024, the company says it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:SHOP)
