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Shopify stock up 24% after earnings beat and upbeat guidance

Published 2024-08-07, 08:05 a/m
© Reuters.  Shopify stock up 17% after earnings beat and upbeat guidance
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Proactive Investors - Shares in Shopify Inc (TSX:SH., NYSE:TSX:SHOP) were up 24% after earnings surpassed Street estimates made ahead of its quarterlies.

For the three months ended June 30, EPS were 26 cents, around six cents higher than consensus on revenue of $2.05 billion, a marginal beat.

"Our Q2 results make it clear: Shopify is rapidly strengthening its position as a leading enabler of global commerce and entrepreneurship," said Harley Finkelstein, president of the Canadian e-commerce giant.

"More and more merchants across the world are putting their trust in Shopify's unified commerce operating system to fuel growth and simplify complex operations. We're fully committed to executing our growth strategies and delivering immense value to our merchants for years to come."

Shopify exited the period with over $5 billion on the balance sheet and was upbeat on the prospects for the remainder of the year.

Investors were told revenue would; grow at a low-to-mid-twenties percentage rate on a year-over-year basis, with the gross profit margin expected to be 50 basis points above the Q2 figure.

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