Shopify Q3 Net Income Rises

(RTTNews) - Shopify Inc. (SHOP) reported that its third quarter net income increased to $828 million from $718 million, last year. Net income excluding the impact of equity investments increased to $344 million from $173 million. Revenues increased to $2.16 billion from $1.71 billion, last year.

Jeff Hoffmeister, CFO of Shopify, said, "Shopify achieved 26% revenue growth and 19% free cash flow margin this quarter, marking our sixth consecutive quarter of greater than 25% revenue growth excluding logistics."

For the fourth quarter of 2024, the company expects revenues to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

Shares of Shopify are up 14% in pre-market trade on Tuesday.

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