Shopify (SHOP) will report third-quarter 2026 results on Nov. 3. The stock has risen just over 75% since rebounding from its May 13 52-week low close, reaching its first record close in nearly a year, and the author says this gain may set investor expectations too high. Consensus expects revenue of $3.65 billion, up 32% year over year, and non-GAAP EPS of $0.46, up 35% from $0.34. The stock rose after four of the previous five Q3 reports, but in 2025 it fell after a P/E of 127 and a Q4 earnings miss; the P/E is now 114. Citing AI spending, a lofty valuation and possible headwinds, the author suggests investors may consider holding rather than buying before the release.
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