Shopify stock tumbles despite 32% revenue growth and stronger cash flow
Photo: Crypto Briefing
The Ottawa-based company processed $119.2 billion in GMV, below the $120.1 billion consensus estimate. Shopify delivered another quarter of strong financial growth, reporting a 32% year-over-year increase in revenue and a 61% jump in free cash flow. However, its shares fell about 16% in early trading after the company’s gross merchandise volume came in slightly below Wall Street estimates. Revenue reached $3.7 billion in the third quarter ended September 30, compared with $2.8 billion a year earlier. Free cash flow increased to $816 million, representing a 22% margin against 18% in the prior-year period.
Source: Crypto Briefing
