Shopify Q2 Results Climb, Sees Growth In Q3; Stock Up 16% In Pre-market

(RTTNews) - Canadian e-commerce company Shopify Inc. (SHOP, SHOP.TO) reported Wednesday significantly higher profit in its second quarter with growth in revenues that beat market estimates.

For the third quarter, the company expects revenue to grow at a mid-to-high twenties percentage rate, and gross profit to grow at a low-twenties percentage rate, both on a year-over-year basis.

In the pre-market activity on the Nasdaq, Shopify shares were gaining around 16.1 percent to trade at $147.41.

In its second quarter, the company's net income grew significantly to $906 million from $171 million last year.

Revenues grew 31 percent to $2.68 billion from $2.05 billion a year earlier.

The Wall Street analysts on average expect the company to report revenues of $2.55 billion. Analysts' estimates typically exclude special items.

Gross Merchandise Volume, or GMV climbed 31 percent from last year to $87.84 billion.

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