Shopify Adds 13% On Narrower-than-expected Loss In Q3

(RTTNews) - Shares of e-commerce company Shopify Inc. (SHOP) are rising more than 13% Thursday morning after reporting lower-than-expected loss in the third-quarter results.

"Our merchant solutions revenue as a percentage of GMV - or Merchant Solutions attach rate - climbed to 2.14%, the highest level in Shopify's history," said Harley Finkelstein,

The company reported loss of $158.4 million, or $0.12 per share in the third quarter, compared with income of $1.1 billion, or $0.905 per a year ago.

Excluding one-time items, loss was $30 million, or $0.02 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.10 loss per share.

Total revenue increased 22% to $1.366 billion. The consensus estimate was for $1.81 billion.

Looking forward, the company expects Gross Merchandise Volume, or GMV growth to continue to outperform the broader U.S. retail market in the fourth quarter.

SHOP is at $33.09. It has traded in the range of $23.63-$176.29 in the last 1 year.