What's Going On With Shopify's Stock Today?

Shopify Inc (NYSE: SHOP) is reversing off its lows and trading higher Thursday after the company announced its third-quarter financial results. 

Shopify reported quarterly adjusted earnings of 81 cents per share, down from $1.13 per share year-over-year. The company reported quarterly revenue of $1.12 billion, up from $767.4 million, representing a 46% increase year-over-year.

Shopify said it expects to "grow revenue rapidly in 2021, but at a lower rate than in 2020."

“It took 15 years for our merchants to get to $200 billion in cumulative GMV, and just 16 months to double that to $400 billion,” said Harley Finkelstein, president of Shopify. “Our merchants’ GMV remained strong in Q3. As the share of GMV from offline expanded within our total GMV, it is clear that entrepreneurs are embracing a future in which retail happens everywhere."

Shopify offers an e-commerce platform, focused on subscription and merchant solutions, primarily to small and midsize businesses.

SHOP Price Action: Shopify has traded as high as $1,650 and as low as $875 over a 52-week period.

The stock was up 5.95% at $1,442.04 at time of publication.

Photo: Public Domain from Flickr.