E-commerce firm Shopify Inc. (NYSE: SHOP) reported a sharp increase in revenues for the third quarter of 2020. The results also came in above the market’s estimates, driving the company’s stock higher during Thursday’s pre-market session.
In the September-quarter, revenue climbed 96% annually to $767.4 million, reflecting strong growth in subscription solutions. The top-line also came in above analysts’ projection.
The Canada-based tech firm reported adjusted earnings of $1.13 per share, compared to a loss of $0.29 per share in the third quarter of 2019. Analysts had forecast a lower profit for the latest quarter. On a reported basis, net profit was $191.9 million or $1.54 per share, compared to a loss of $72.8 million or $0.64 per share last year.
Shares of the company gained early Thursday following the announcement, after closing the previous session lower.
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