Why Shares of Shopify Popped Today
Shares of cloud-based e-commerce platform-provider Shopify (NYSE: SHOP) soared on Tuesday following a blowout second-quarter report. Shopify handily beat analyst estimates across the board, maintaining a blistering pace of growth. The stock closed about 12.5% higher.
Shopify reported second-quarter revenue of $151.7 million, up 75% year over year and about $8 million higher than the average analyst estimate. Subscription-solutions revenue jumped 64%, to $71.6 million, driven by a record number of merchants joining the platform, while merchant-solutions revenue surged 86%, to $80.1 million, driven by a 74% increase in gross merchandise value. Gross merchandise value hit $5.8 billion during the quarter, with $2.2 billion of that being processed by Shopify Payments.
Image source: Shopify.
Source: Fool.com
Shopify Inc Stock
Currently there is a rather positive sentiment for Shopify Inc with 4 Buy predictions and 0 Sell predictions.
As a result the target price of 75 € shows a positive potential of 39.74% compared to the current price of 53.67 € for Shopify Inc.
