Shopify stock was on the rise Thursday after releasing a strong earnings report for the third quarter of 2018.
Shopify’s (NYSE:SHOP) most recent earnings report saw earnings per share come in at 4 cents. This is down from the company’s earnings per share of 5 cents from the same time last year. However, it was good news for Shopify stock by beating out Wall Street’s losses per share estimate of 2 cents for the period.
Net loss reported by Shopify for the third quarter of the year came in at $23.18 million. This is worse off than the e-commerce company’s net loss of $9.38 million reported in the third quarter of 2017.
Shopify also reported an operating loss of $31.37 million for the third quarter of 2018. The company’s operating loss from the same period of the year prior was $12.68 million.
During the third quarter of the year, Shopify reported revenue of $270.06 million. This is an increase over the company’s revenue of $171.46 million that was reported in the third quarter of the previous year. It was also a boon to Shopify stock by coming in above analysts’ revenue estimate of $257.85 million for the quarter.
Shopify also took time in its most recent earnings report to provide an outlook for the fourth quarter of 2018. The company says that it is expecting revenue for the period to range from $315 million to $325 million. Wall Street is looking for revenue of $315.36 million for the fourth quarter of the year.
SHOP stock was up 10% as of noon Thursday and is up 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
