Q3 shows Shopify can ‘effectively and profitably scale,’ says Jefferies

Jefferies notes that Shopify’s (SHOP) Q3 GMV of $69.7B, revenue of $2.162B and MRR of $175M all beat consensus. The Q4 outlook was “impressive,” with revenue growth expected to accelerate and GAAP operating expense declining sharply as a percentage of revenue, the analyst added. The Q3 report shows that Shopify can “continue to effectively and profitably scale the business,” says the analyst, who has a Hold rating on the shares.