Shopify (SHOP) – Get Report got a pandemic-driven earnings and sales boost in the third quarter as more businesses jumped on to its e-commerce platform to sell their wares online.
The Ottawa-based tech company posted adjusted earnings of $133.2 million, or $1.13 a share, in the third quarter vs. a loss of $33.6 million, or 29 cents a share, a year ago. Analysts polled by FactSet had been expecting per-share earnings of 52 cents a share.
Revenue was $767.4 million in the quarter, up 96% from a year ago and well above analysts’ forecasts of $657.8 million.
Operating income was $50.6 million, or 7% of revenue, vs. a loss of $35.7 million, or 9% of revenue, for the comparable period a year ago. Adjusted operating income was $130.9 million, or 17% of revenue.
Subscription solutions revenue jumped 48% to $245.3 million, primarily due to more merchants joining the