Categories AlphaGraphs, Consumer, Earnings
SHOP Earnings: Shopify reports 26% growth in Q3 2024 revenue
E-commerce company Shopify Inc. (NYSE: SHOP) Tuesday reported a double-digit increase in third-quarter revenues, reflecting strong performance across all operating segments.
September quarter revenues climbed 26% year-over-year to $2.16 billion, with sales at the Subscription Solutions and Merchant Solutions segments growing 26%.
The company reported net income of $828 million for the third quarter, compared to $718 million in the prior-year period.
“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. Moreover, we have grown free cash flow margin sequentially each quarter this year, consistent with what we delivered last year,” said Jeff Hoffmeister, CFO of Shopify.
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