Shopify posted stronger-than-expected third-quarter results, beating its own growth forecast and sustaining solid cash flow amid continued investment in artificial intelligence. The Ottawa-based company reported $2.84 billion USD in revenue, up 32 percent year-over-year, with free cash flow at 18 percent—its ninth straight quarter in double digits.
Gross merchandise value also rose 32 percent to $92 billion, the highest growth rate since 2021. Net income fell to $264 million, reflecting markdowns on equity investments and rising AI and marketing expenses. Despite leadership changes, Shopify expects steady revenue and free cash flow in the fourth quarter as it expands internationally and deepens AI integration.
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