- Shopify (TSX/NYSE:SHOP) posted strong growth in Q3 2024 across revenue and profitability
- The global e-commerce stock reported impressive financial results for its Q3 2024, the top number representing 26 per cent year-over-year revenue growth, reaching US$2.16 billion
- Another major name in e-commerce, Alibaba (NYSE:BABA) also unveiled its AI-powered search engine, Accio, for small businesses in Europe and the Americas to source supplies more efficiently
- Shopify stock (TSX/NYSE:SHOP) opened trading at C$149.50 and has risen 43.59 per cent since the year began
Shopify (TSX/NYSE:SHOP) posted strong growth in Q3 2024 across revenue and profitability.
The global e-commerce stock reported impressive financial results for its Q3 2024, the top number representing 26 per cent year-over-year revenue growth, reaching US$2.16 billion.
Its growth is mostly due to its focus on integrating AI-powered tools into its services. The company has touted AI as being used to streamline operations for existing merchants and drawn in new users eager to leverage advanced technology for their online businesses. As the holiday season approaches, Shopify’s efforts to enhance user experience and operational efficiency are expected to pay off.
(Shopify stock chart May 2024 – Nov 2024.)
Holiday season outlook
Looking ahead, Shopify has provided an optimistic Q4 forecast, projecting revenue growth that exceeds market estimates. Analysts are particularly encouraged by the company’s proactive measures to prepare merchants for the holiday rush, which is traditionally a peak period for e-commerce sales.
Over the loudspeaker ….
“Our unified commerce platform is becoming the go-to choice for merchants of all sizes,” Shopify’s president, Harley Finkelstein said in a news release. “As the busiest shopping season of the year for our merchants approaches, they trust Shopify to provide the tools, unmatched speed, and reliability to maximize their success. As more businesses turn to Shopify for their e-commerce needs, the company is well-positioned to capitalize on the increasing demand for online shopping solutions. With its innovative approach and focus on customer success, Shopify is not just anticipating a successful holiday season but is also setting the stage for sustained growth in the coming year.”
Another major name in e-commerce, Alibaba (NYSE:BABA) also unveiled its AI-powered search engine. Accio launched on Tuesday for small businesses in Europe and the Americas to source supplies more efficiently.
About Shopify
Shopify provides internet infrastructure for commerce. The company’s solutions power millions of businesses in more than 175 countries, including household names such as Mattel, Gymshark, Heinz, FTD, Netflix, Kylie Cosmetics, SKIMS and Supreme.
Shopify stock (TSX/NYSE:SHOP) opened trading at C$149.50 and has risen 43.59 per cent since the year began.
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(Top image: Shopify)