Shopify stock blasts off on Q3 results

Shares of Shopify (Shopify Stock Quote, Chart, News, Analysts Financials TSX:SHOP) are way up today after the company reported better than expected third quarter results this morning.

SHOP posted gross profit of $901-million on revenue of $1.7-billion, a topline that was up 25 per cent over the same period last year.

“Our third-quarter results demonstrate the progress we are making to further solidify Shopify’s position as the global leader in commerce,” said president Harley Finkelstein. “Our ability to help our merchants succeed in any economic environment by delivering innovative product solutions, has not only built strong trust with our merchants but has positioned Shopify for sustained growth and profitability for the future. As we look forward to the busiest shopping season of the year, we’re confident that our unified commerce platform empowers our merchants with the tools they need to seize every opportunity and achieve greater success.”

At press time, shares of Shopify on the TSX were up 14.2 per cent to $77.30.