Shopify (NYSE:SHOP) stock is on the rise Wednesday as investors celebrate the e-commerce company’s earnings report for the second quarter of 2024.
That starts with the company’s adjusted EPS of 26 cents. This beats out Wall Street’s estimate of 20 cents per share. It’s also an improvement over the company’s adjusted EPS of 14 cents from the same period of the year prior.
Adding to that is Shopify’s revenue of $2.05 billion. Yet again, this is better than the $2.01 billion that analysts were expecting. On top of that, it marks a 21% increase year-over-year (YOY) compared to $1.69 billion.
Shopify President Harley Finkelstein said the following about the earnings results:
“Our Q2 results make it clear: Shopify is rapidly strengthening its position as a leading enabler of global commerce and entrepreneurship […] More and more merchants across the world are putting their trust in Shopify’s unified commerce operating system to fuel growth and simplify complex operations.”
SHOP Stock Jumps on Outlook
Shopify provided an outlook for the third quarter of 2024 that has investors excited. This includes revenue growth in the “low-to-mid-twenties percentage rate” compared to Q3 2023. The company also expects double-digit free cash flow margin for the rest of the year.
SHOP stock is up 23.4% as of Wednesday morning. That comes with 18 million shares traded, as compared to a daily average of 11.2 million shares.
Investors will want to keep reading as we have all of the hottest stock market news ready to go today!
That includes all of the biggest stock market stories worth knowing about on Wednesday! Among that are what has shares of Super Micro Computer (NASDAQ:SMCI), Talis Biomedical (NASDAQ:TLIS) and Scorpius (NYSEMKT:SCPX) stock on the move this morning. You can catch up on all of this at the links below!
More Wednesday Stock Market News
- Super Micro Computer News: The Earnings Results That Have SMCI Stock Plunging Today
- Why Is Talis Biomedical (TLIS) Stock Down 52% Today?
- Why Is Scorpius (SCPX) Stock Down 79% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
