Shopify Third-Quarter Revenue and Gross Merchandise Volume Fall Short of Expectations

Shopify released its third-quarter earnings before the market opened on Tuesday. The e-commerce platform beat profit expectations, but its revenue came in slightly below analyst estimates compiled by LSEG. Gross merchandise volume (GMV) and gross profit from its subscription business both fell short of market expectations. Shopify shares fell 7% on Tuesday. Adjusted earnings per share were 49 cents, above the 46-cent analyst estimate compiled by LSEG. Total revenue for the quarter was $3.74 billion, slightly below the $3.75 billion LSEG estimate. The company expects fourth-quarter revenue growth year over year to be in the low 30% range, while LSEG analysts' consensus expectation is 32.1%.