Shopify (SHOP) Surges 22% on 3rd Day as Earnings Impress

We recently published 10 Stocks With Easy 15-30% Upside. Shopify Inc. (NASDAQ:SHOP) is one of the best-performing stocks on Wednesday.

Shopify extended its winning streak to a third straight day on Wednesday, surging 21.97 percent to close at $154.9 apiece amid a strong income performance and bullish outlook for the rest of the year.

In an earnings release, Shopify Inc. (NASDAQ:SHOP) said that net income in the second quarter soared by 430 percent to $906 million from only $171 million in the same period last year. Total revenues grew 31 percent to $2.68 billion from $2.04 billion.

“Shopify delivered another outstanding quarter, with both GMV (gross merchandise value) and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42 percent on a constant currency basis,” Shopify Inc. (NASDAQ:SHOP) CFO Jeff Hoffmeister said.

“Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success,” he added.

Encouraged by the results, Shopify Inc. (NASDAQ:SHOP) said it expects revenues in the third quarter of the year to grow by more than 20 percent on a year-on-year basis.

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