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Shopify pares early losses but closes down 8.74% after rare revenue miss

Third-quarter revenue of $3.74 billion came in a hair below forecasts, the first miss since 2022, as order volume and subscriptions also fell short.

· AP's Morning Brief

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Image: Arild Vågen, NYSE Broad Street facade, CC BY-SA 4.0

Shopify shares were sharply lower on Tuesday after the Canadian e-commerce company reported third-quarter revenue that narrowly missed Wall Street forecasts for the first time since 2022.

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Revenue rose 32% from a year earlier to $3.74 billion, up from $2.84 billion, but just below the $3.75 billion consensus. Subscription revenue of $836 million trailed the $850.2 million analysts expected, and gross merchandise volume, the total value of orders placed through Shopify stores, reached $119.15 billion against estimates of $120.08 billion.

Profit measures were stronger. Adjusted earnings of 49 cents a share beat expectations, operating income rose 66% to $568 million, and free cash flow was $816 million, a 22% margin. For the fourth quarter, Shopify expects revenue to grow at a low-thirties percentage rate and gross profit dollars at a high-twenties rate.

The stock had been down more than 19% in premarket trading, according to Investing.com, but recovered part of that drop after the open. Shopify closed at $142.57 on the Nasdaq, down $13.65, or 8.74%, from Monday's close of $156.22. It had traded at $142.47 as of 10:04 a.m. ET.

Update, Nov 3, 2026: An earlier version gave intraday figures as of 10:04 a.m. ET; updated with official closing prices.

Sources

  1. Yahoo Finance — Q3 revenue $3.74 billion vs consensus $3.75 billion, first miss since 2022; subscription revenue $836 million vs $850.2 million expected; GMV $119.15 billion vs $120.08 billion estimate; adjusted EPS $0.49 (49 cents) topped estimates; revenue growth 32%; free cash flow margin 22%.
  2. Investing.com — Shares slumped more than 19% premarket Nov 3; adjusted EPS $0.49 (49 cents); revenue up 32% to $3.74 billion; subscription revenue $836 million vs $850.2 million; GMV $119.15 billion vs $120.08 billion; operating income rose 66% to $568 million; free cash flow $816 million, 22% margin; Q4 revenue growth low-thirties percentage rate, gross profit high-twenties rate.
  3. Financial Post — Revenue US$3.74 billion, up from US$2.84 billion a year earlier, vs consensus US$3.75 billion; first revenue miss since Q2 2022; up 32 per cent; free cash flow US$816 million, 22 per cent margin.
  4. Nasdaq.com quote (SHOP) — SHOP last sale $142.4695 (rounded $142.47), net change -13.7505 (-$13.75), -8.80% as of Nov 3, 2026 10:04 AM ET, market open. Nov 3, 2026 close: $142.57 at 4:00 PM ET (Closed), -13.65, -8.74%.
  5. Yahoo Finance (SHOP chart data) — SHOP Nov 2, 2026 regular-session price $156.22; Nov 3 price $142.13 at about 10:04 AM ET.
  6. CNBC quote (SHOP) — SHOP official close Nov 3, 2026: $142.57 at 4:00 PM ET, change -13.65 (-8.74%) from Nov 2 close $156.22.
  7. Yahoo Finance historical data (SHOP) — SHOP Nov 3, 2026 close $142.57; Nov 2, 2026 close $156.22; change -13.65, -8.74%.