Shopify Inc (NYSE: SHOP) shares are trading higher Thursday after the company reported better-than-expected earnings results and issued guidance.
Shopify said third-quarter revenue increased 22% year-over-year to $1.4 billion, which missed average analyst estimates of $1.83 billion, according to Benzinga Pro. The company reported an adjusted net loss of 2 cents per share, which beat average estimates for a loss of 10 cents per share.
Gross merchandise volume increased 11% year-over-year to $46.2 billion.
"In Q3, we delivered another solid quarter of GMV, revenue, and gross profit dollar growth against the high inflationary environment. From an operational perspective, we recalibrated our organizational structure, successfully rolled out a new compensation framework, and began integrating Deliverr into Shopify," said Amy Shapero, CFO of Shopify.
"Looking ahead, the flexibility of our platform, breadth of solutions, pace of innovation, and disciplined investment approach position Shopify well to realize the enormous opportunity ahead."
Shopify said it expects gross merchandise volume to continue to outperform the broader U.S. retail market. The company expects merchant solutions revenue growth to be more than double that of subscription solutions revenue growth for full-year 2022.
SHOP Price Action: Shopify has a 52-week high of $176.29 and a 52-week low of $23.63.
The stock was up 9.06% at $31.69 at time of publication.
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