Here's Why Shopify Stock Soared Today
Shares of Shopify (NYSE: SHOP) surged 17% on Thursday after the e-commerce company's third-quarter results gave investors hope that its worst losses were behind it.
Shopify facilitated $46.2 billion worth of transactions, a metric known as gross merchandise volume (GMV). That represented growth of 11% compared to the prior-year quarter.
Shopify also captured a larger share of the value transacted on its e-commerce platform by providing more services to its merchant customers. Its attach rate, or revenue as a percentage of GMV, for its merchant-solutions business rose to a record 2.14%.
Source Fool.com
