(Reuters) -Canada’s Shopify (NYSE) Inc’s Third Quarter Revenue fell short of Wall Street Estimates. This was due to stiff competition from other e-commerce companies that invest more in their platforms.
Shopify software and services are in strong demand. Adobe Inc (NASDAQ) Inc and Amazon.com Inc(NASDAQ:) continue to work on product innovations on their e-commerce platforms. These products will allow retailers to create and manage online shops more effectively.
From $191.1million, which was $1.54 per shares a year ago, net income rose to $1.15billion, or $9, per share.
The quarter’s gross merchandise volume was $41.8 billion, an important indicator of the performance of the ecommerce industry. This is 35% more than the previous quarter.
Premarket trading saw shares U.S.-listed of the company fall by 4.5%
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