The Ottawa-based tech company posted adjusted earnings of $133.2 million, or $1.13 a share, in the third quarter vs. a loss of $33.6 million, or 29 cents a share, a year ago. Analysts polled by FactSet had been expecting per-share earnings of 52 cents a share.
Revenue was $767.4 million in the quarter, up 96% from a year ago and well above analysts' forecasts of $657.8 million.
Operating income was $50.6 million, or 7% of revenue, vs. a loss of $35.7 million, or 9% of revenue, for the comparable period a year ago. Adjusted operating income was $130.9 million, or 17% of revenue.
Subscription solutions revenue jumped 48% to $245.3 million, primarily due to more merchants joining the platform, Shopify said. Merchant solutions revenue, meanwhile, surged by 132% to $522.1 million. Monthly recurring revenue from ongoing customer service subscriptions was $74.4 million as of Sept. 30.
While it didn't provide a financial outlook for the fourth quarter or full year, Shopify said it expects to continue to attract more business from entrepreneurs making the shift to online sales.
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