Shopify Inc. headquarters signage in Ottawa on Tuesday, May 3, 2022.THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Shopify Inc. reported third-quarter net income of US$718 million compared with a loss of US$159 million a year ago as its revenue rose 25 per cent.
The e-commerce software company, which keeps its books in U.S. dollars, says the profit amounted to 55 cents per diluted share for the quarter ended Sept. 30 compared with a loss of 12 cents per diluted share in the same quarter last year.
Revenue totalled US$1.71 billion for the quarter, up from US$1.37 billion a year earlier.
The growth came as subscription solutions revenue rose to US$486 million from US$377 million a year ago, while merchant solutions revenue totalled US$1.23 billion, up from US$989 million.
On an adjusted basis, Shopify says it earned 24 cents per diluted share for its most recent quarter compared with an adjusted loss of two per cents per diluted share a year ago.
Analysts on average had expected an adjusted profit of 14 cents per share and US$1.67 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Nov. 2, 2023.
Companies in this story: (TSX:SHOP)
