Shopify Soars After Third Quarter Sales, Profit Beat Estimates
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Shopify Inc. reported sales and profit for the third quarter that beat analyst expectations after the Canadian e-commerce giant slashed costs and partnered with Amazon.com Inc. for its fulfillment network.
Revenue for the period came in at $1.71 billion, up about 25% year-over-year and beating the $1.68 billion average estimate of analysts surveyed by Bloomberg. Profit, excluding one-time items, was 24 cents a share, well above the 15 cents expectation.