Shopify (SHOP) shares soared to their highest level in nearly three years Tuesday as the provider of online services for retailers posted better-than-anticipated results on strong sales growth.
The company reported third-quarter operating income jumped 132% year-over-year to $283 million, with revenue up 26% to $2.16 billion. Free cash flow climbed 53% to $421 million. All exceeded consensus forecasts of analysts polled by Visible Alpha.
President Harley Finkelstein called the quarter’s performance “outstanding,” and noted that as the key holiday shopping period approaches, merchants “trust Shopify to provide the tools, unmatched speed, and reliability to maximize their success.”
The company anticipates current-quarter revenue will be up by a mid-to- high-twenties percentage.
Shares of Shopify recently were up 25% to $112.75, their highest level since January 2022.
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