© Reuters. FILE PHOTO: The logo of Shopify is seen outside its headquarters in Ottawa, Ontario, Canada, September 28, 2018. REUTERS/Chris Wattie
(Reuters) -Shopify Inc beat Wall Street estimates for quarterly revenue on Thursday, as businesses stuck to the Canadian online services provider’s tools and payment options to scale up.
The company’s U.S.-listed shares rose 7% in trading before the bell. The stock has already lost more than three-quarters of its value so far this year.
Best known as the one-stop-shop platform for online businesses, Shopify (NYSE:) is slowly moving into offline payments and adding more tools for businesses to connect with their shoppers online and build on the growth of influencers on social media.
The new tools, such as the offline payments devices, it provides retailers could help Shopify cope with a post-pandemic slowdown in e-commerce.
The company’s gross merchandise volume (GMV) grew 11% to $46.2 billion in the third quarter.
For the fourth quarter, Shopify expects GMV growth to outperform the broader U.S. retail market.
The company’s third-quarter revenue rose 22% to $1.4 billion. Analysts had expected $1.34 billion, according to Refinitiv IBES data.
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