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Shopify misses revenue estimates as e-commerce rivalry deepens -Breaking


© Reuters. FILEPHOTO: A worker works at Shopify Headquarters in Ottawa (Ontario), Canada on October 22, 2018. REUTERS/Chris Wattie

(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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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.