Shopify's Growth Continues Unabated -- Despite Short-Seller Claims

It's been a tumultuous several months for Shopify Inc. (NYSE: SHOP). Noted short-seller Andrew Left of Citron Research last month hit the company with a scathing short report, charging the company with engaging in illegal business practices. The report caused the stock to fall 21% in the following days. The stock had been on fire this year, gaining 177% before that recent respite.

Investors were looking for assurance from Shopify's management that the charges were baseless and that the company could continue its torrid growth -- and they got just that.

For the just-completed third quarter, Shopify grew total revenue to $171.5 million, up 72% year over year. The company produced an operating loss of $12.7 million, or 7.4% of revenue, compared with a $9.5 million loss, or 9.5% of revenue in the prior-year quarter. Its net loss grew to $9.38 million, a 3% greater loss than the prior-year quarter, resulting in a per-share loss of $0.09, compared with a loss of $0.11 in the same period last year. Shopify produced adjusted operating profitability for the first time as a public company.

Source: Fool.com