Shopify shares fell 9% in early trading on Tuesday after the e-commerce platform missed estimates for subscription gross profit and gross merchandise volume (GMV). Adjusted earnings of 49 cents per share beat LSEG's 46 cents, but quarterly revenue of $3.74 billion came in just below the $3.75 billion estimate. GMV of $119.15 billion trailed StreetAccount's $120.03 billion, and subscription gross profit of $661 million fell short of $680.3 million, while subscription revenue of $836 million missed $848.1 million per FactSet. Merchant gross profit and merchant revenue beat estimates. Shopify expects fourth-quarter revenue growth in the “low thirties” percent range, versus LSEG's 32.1%.
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