They help us get to know you a little and how you use our website. Adjusted net income4 for the third quarter of 2020 was $140.8 million, or $1.13 per diluted share, compared with adjusted net loss of $33.6 million, or $0.29 per basic and diluted share, for the third quarter of 2019. Gross merchandise volume -- a measure of product sales flowing through its platform -- was $30.9 billion, an increase of 109% over the third quarter of last year, reflecting strong e-commerce spending by consumers. Before it's here, it's on the Bloomberg Terminal. While Shopify expects both sellers and buyers to continue adopting multi-channel commerce for safety as the COVID-19 pandemic continues, and to continue using multi-channel commerce for selection and convenience, near-term demand for our subscription and merchant solutions depends on several external factors that are particularly fluid at present. Shopify makes commerce better for everyone with a platform and services that are engineered for reliability, while delivering a better shopping experience for consumers everywhere. The shares initially rose in premarket trading, then fell back. Shopify opted not to provide fourth quarter or full-year financial guidance. A large contributor to its growth has been the … Growth accelerated to 47% year-over-year with MRR up from $50.7 million as of September 30, 2019 as merchants from both the 90-day free trial (offered from March 21, 2020 through May 31, 2020) and standard 14-day free trial (offered from June 1, 2020 onwards) converted into paying merchants in the quarter, creating a ‘double cohort’ effect. Key risks include “unemployment, fiscal stimulus, and the magnitude and duration of the COVID-19 pandemic, all of which may impact new shop creation on our platform and consumer spending,” the company said. Johnson Weighs a Second England Lockdown to Tackle Covid Sur... 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Shopify’s management team will hold a conference call to discuss our third-quarter results today, October 29, 2020, at 8:30 a.m. Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Shopify is a leading global commerce company, providing trusted tools to start, grow, market, and manage a retail business of any size. Shopify continued to build the foundation of Shopify Fulfillment Network, including developing the software that connects the network, adding partner nodes and improving their performance, and enhancing the merchant-facing app and merchant support functions. The Covid-19 pandemic accelerated the trend: Gross merchandise volume -- a measure of product sales flowing through the Shopify platform -- was $30.9 billion in the third quarter, an increase of 109%. 2. In August 2020, shares are trading at a massive $1,030 after hitting the low of $346 during the Coronavirus crisis. Shopify reports in U.S. dollars and in accordance with U.S. GAAP. But it has expanded to offer an ever-widening suite of services, including lending, payments and shipping solutions. It was the second straight quarter in which GMV more than doubled on a year-over-year basis. “More entrepreneurs are signing on to Shopify so they can quickly and easily put their ideas into action. It’s second only to WooCommerce and outpaces competitors like BigCommerce, Wix, Magento, and Weebly. Shopify launched Shopify Payments in Belgium, enabling iDEAL as a local payment method and supporting Bancontact debit payments, expanding the availability of Shopify Payments to 17 countries. The increase reflects $2.03 billion of net proceeds from Shopify’s offering of Class A subordinate voting shares and convertible senior notes in the third quarter of 2020 and $1.46 billion of net proceeds from Shopify's offering of Class A subordinate voting shares in the second quarter of 2020. Its Canadian-listed shares are up about 160% this year. Apple Loses $450 Billion in Value Since Record on iPhone Woes, Tech Rout Sends Stocks to Worst Week Since March: Markets Wrap, U.K. Mulls Second England Lockdown as Cases Surge: Virus Update, Speculator Comeuppance Is Fast and Harsh in Tech’s Waterloo Week, Record 200 Days With No Local Case Makes Taiwan World’s Envy. Operating income for the third quarter of 2020 was $50.6 million, or 7% of revenue, versus a loss of $35.7 million, or 9% of revenue, for the comparable period a year ago. Shopify announced a collaboration with Operation HOPE to help the organization’s goal to create one million new Black-owned businesses in the U.S. by 2030. Adjusted gross profit4 grew 88% to $412.6 million in the third quarter of 2020, compared with $219.4 million for the third quarter of 2019. How to Choose Shopify Alternatives. 4. Although Shopify believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that actual results will be consistent with these forward-looking statements. “Shopify’s e-commerce operating system continues to vacuum up market share among SMBs, capitalizing on strong underlying e-commerce trends and providing many businesses a lifeline during challenging macro conditions,” Colin Sebastian, an analyst with Robert W Baird & Co. Inc., wrote in a note following the earnings. The forward-looking statements contained in this news release represent Shopify’s expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Revenue at Canada’s largest company by stock market value nearly doubled to $767.4 million while adjusted earnings were $1.13 per share, more than twice analysts’ estimates of 52 cents. Shopify’s partner ecosystem continued to expand, as approximately 37,400 partners referred a merchant to Shopify over the past 12 months, compared with 23,000 over the 12 months ended September 30, 2019. “The opportunity cost of integrating is enormous,” he said. Johnson Weighs a Second England Lockdown to Tackle Covid Sur... Google to Employees: Don’t ‘Get Distracted’ by Antitrust Cas... Apple Daily’s Lai Denies Involvement in Biden Report, Apple Must Pay VirnetX $503 Million in Security-Patent Trial, Iran Accused of Hacking U.S. Voter Data Before Election Day, Google Defends CBP Work After Employees Question Contract. Gross Merchandise Volume, or GMV, represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes. It is one of the most popular ecommerce platforms on the planet, with almost 20 percent market share. Such non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Apple to Replace Some AirPods Pro Earbuds After Sound Proble... Twitter Clears the N.Y. Post to Tweet Again After Policy Cha... Trump TikTok Restrictions Blocked by Judge in Win for Users, Ipsy Buys Makeup Box Rival BoxyCharm in $500 Million Deal, ‘I’m not a huge fan of M&A for acquiring revenue,’ Lutke says, Company soars past estimates with $767 million in revenue. Shopify said 51% of eligible merchants in the U.S. and Canada used Shopify Shipping in the third quarter of 2020, versus 45% in the third quarter of 2019. We continue to evolve our global commerce operating system to make it easier for merchants to get online and start selling, get discovered, and get their goods to buyers, while providing a delightful shopping experience.”. Merchant Solutions revenue growth increased 132%, to $522.1 million, driven primarily by the growth of Gross Merchandise Volume1 ("GMV"). Shopify undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. “Entrepreneurs will be the force in rebuilding economies all over the world, which makes it even more important for Shopify to innovate and build the critical tools that merchants need to succeed in a low-touch retail environment.”, “Shopify’s tremendous third-quarter results reflect the resilience and entrepreneurial spirit of our merchants,” said Amy Shapero, Shopify’s CFO.
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