WHAT HAPPENED
Shopify beat analysts’ revenue expectations last quarter, reporting revenues of $3.58 billion, up 33.7% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ billings estimates and an impressive beat of analysts’ gross merchandise volume estimates. This quarter, the market is expecting Shopify’s revenue to grow 31.7% year on year, in line with the 31.5% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Looking at Shopify’s peers in the sales and marketing software segment, some have already reported their Q3 results, giving us a hint as to what we can expect.
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