Shopify stock drops 9% after Q3 revenue slightly misses estimates
Business
Shopify's stock slid 9% on Tuesday after its third-quarter numbers didn't quite meet Wall Street's hopes.
Revenue came in at $3.74 billion, just under the $3.75 billion analysts expected, and the total value of stuff sold through Shopify was also a bit lower than predicted.
EPS beat but subscriptions missed targets
On the bright side, Shopify beat earnings-per-share estimates, posting 49 cents instead of 46 cents.
But subscription profits and subscription revenue both missed targets, coming in at $661 million and $836 million, respectively.
Looking ahead, Shopify expects revenue growth in the low-30% range for the fourth quarter, which is just shy of what experts were hoping for, showing it's still a tough road in today's e-commerce world.