Why Shopify Stock Surged Today
Shares of Shopify (NYSE: SHOP) climbed 8% on Thursday following the release of the e-commerce platform provider's third-quarter financial results.
Shopify's revenue jumped 46% year over year to $1.1 billion. The gains were driven by a 37% rise in the company's subscription solutions revenue, to $336.2 million, and a 51% surge in merchant solutions revenue, to $787.5 million.
Notably, Shopify's gross merchandise volume (GMV) -- essentially, the total dollar value of goods and services sold on its platform -- increased 35% to $41.8 billion, highlighting the magnitude of the company's growth in recent years. "It took 15 years for our merchants to get to $200 billion in cumulative GMV, and just 16 months to double that to $400 billion," Shopify President Harley Finkelstein said in a press release.
Source Fool.com
