E-commerce site Shopify Inc (TSX:SH., NYSE:SHOP) has reported stellar third-quarter financial results with revenue reaching $2.16 billion, marking a 26% year-over-year increase.
Gross profit grew to $1.12 billion, up from $901 million, while operating income rose significantly to $283 million, compared to $122 million for the same period last year.
“Q3 was outstanding, further establishing Shopify as a leader in powering commerce anywhere, anytime,” said Shopify president Harley Finkelstein.
He added: “Our unified commerce platform is becoming the go-to choice for merchants of all sizes.
“As the busiest shopping season of the year for our merchants approaches, they trust Shopify to provide the tools, unmatched speed, and reliability to maximize their success.”
The results set a fire under Shopify’s share price, with the stock rocketing up nearly 25% in Tuesday morning trades.
Shopify is trading at around $112.46 per share.
--Updates with share price movement--