Shopify Shares Plunge 19% on GMV, Subscription Misses

Shopify shares fell sharply in premarket trading after its third-quarter results delivered a mixed picture: adjusted earnings of 49 cents per share beat analysts’ expectations, while revenue of $3.74 billion was in line. Gross merchandise volume and subscription revenue missed estimates, despite growth in both, while operating income exceeded forecasts. For the fourth quarter, Shopify expects revenue growth in the low 30% range and gross profit growth in the high 20% range.