Shopify Inc (NYSE:SHOP) clocked fiscal third-quarter 2024 revenue growth of 26% year-over-year to $2.16 billion, which beat the analyst consensus estimate of $2.11 billion.

Revenue growth marked its sixth consecutive quarter of greater than 25% revenue growth, excluding logistics.

The stock soared after it reported its quarterly results on Tuesday.

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The e-commerce platform company reported EPS of $0.64, which beat analyst consensus estimate of $0.27. The company reported a net income of $344 million compared to $173 million a year ago.

Gross merchandise volume increased 24% year-over-year to $69.7 billion. Merchant solutions revenue increased 26.4% year-over-year to $1.55 billion.

The gross margin for the quarter was 51.7%, compared to 52.6% a year ago. The gross profit grew by 24.1% year over year to $1.12 billion.

Shopify generated $423 million in operating cash flow and $421 million in free cash flow for the quarter.

President Harley Finkelstein highlighted Shopify’s strong Q3 performance, reinforcing its position as a top choice for merchants across all sizes. He emphasized that as the peak shopping season nears, merchants rely on Shopify’s robust platform for tools, speed, and reliability to drive success.

CFO Jeff Hoffmeister pointed out Shopify’s 26% revenue growth and a 19% free cash flow margin for the quarter, marking the sixth consecutive quarter with over 25% revenue growth (excluding logistics).

Q4 Outlook: Shopify expects revenue growth to be at a mid-to-high-twenties percentage rate on a Y/Y basis versus a consensus of $2.11 billion. It projects a free cash flow margin to be similar year-over-year.

In October, Jim Cramer expressed bullishness on Shopify, highlighting the stock’s recent Golden Cross formation, a key technical indicator signaling potential upward momentum. Cramer praised Shopify’s leadership and current valuation, noting its strong market performance.

Shopify stock has surged 22% year-to-date.

SHOP Price Action: Shopify stock is up 20.50% at $108.40 premarket at last check Tuesday.

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This article Shopify Q3 Earnings: Ninth Consecutive Quarter of Revenue Beats, GMV Up 24%, Positive Outlook And More originally appeared on Benzinga.com

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