Shopify Q4 Profit Tops Estimates; Revenue Up 24%

(RTTNews) - Shopify Inc. (SHOP, SHOP.TO) reported fourth quarter net income of $657 million compared to a loss of $623 million, prior year. Profit per share was $0.51 compared to a loss of $0.48. Adjusted earnings per share was $0.34 compared to $0.07. On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $0.31, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenues were $2.14 billion compared to $1.74 billion, previous year. Analysts on average had estimated $2.08 billion in revenue. Gross Merchandise Volume or GMV increased 23% to $75.1 billion, an increase of $14.2 billion over the fourth quarter of 2022.

Shares of Shopify are down 8% in pre-market trade on Tuesday.

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