Shopify Revenue Beats Analyst Estimates; Shares Fall

Shopify Inc. reported $2.84 billion in revenue for the third quarter, beating the average analyst estimate, and provided a strong outlook for the rest of the year.

Third-quarter revenue was up 32% from a year earlier, beating analyst calls for a 28% increase. Gross merchandise volume, a measure of the business flowing through the company’s e-commerce platform, also came ahead of expectations amid outperformance in North America.