E-commerce platform Shopify (NYSE: SHOP) on Thursday reported a 46% growth in third-quarter 2021 revenues. However, adjusted earnings decreased year-over-year.
Revenues moved up 46% annually to $1.12 billion, which was below the consensus estimates.
However, adjusted profit dropped to $0.81 per share from $1.13 per share in the third quarter of 2020. The reported net income was $1.15 billion or $9.0 per share, compared to $191.1 million or $1.54 per share in the prior-year period.
Read management/analysts’ comments on Shopify’s Q3 report
The company’s stock declined on Thursday morning immediately after the earnings announcement, after closing the previous session lower.