Shopify三季度营收增长32%仍不及预期：盘前股价大跌约19%
11月3日消息，加拿大电商平台 Shopify 今日盘前公布2026年第三季度财报，营收37.4亿美元，同比增长32%，但商品交易总额和订阅收入均不及市场预期，股价盘前一度大跌约19%，为2022年以来首次营收不及预期。
财报显示，Shopify 第三季度商品交易总额为1191.5亿美元，同比增长约29%，低于约1200.8亿美元的市场预期，增速也较上一季度的31%有所放缓。订阅解决方案收入为8.36亿美元，同比增长20%，低于8.502亿美元的预期；商户解决方案收入为29.1亿美元，同比增长约35%，略高于预期。
调整后每股收益为0.49美元，高于约0.47美元的预期；营业利润为5.68亿美元，同比增长66%；自由现金流为8.16亿美元，同比增长61%，自由现金流利润率从18%扩大至22%。
市场反应显示，投资者更关注增长放缓而非盈利改善。分析指出，Shopify 的估值已经计入了较高的增长预期，任何不及预期的细节都会被放大。
公司首席财务官在电话会议上表示，毛利率面临多重压力，包括服务器托管等超级智能（SI）算力成本上升，以及商家助手工具使用量扩大带来的支出。
展望第四季度，Shopify 预计营收同比增长在30%出头的低段，毛利润增长在20%段的高段，运营费用占营收的29%至30%。这一指引未能给出重新加速的信号，也让市场对假日季的表现保持谨慎。截至盘前交易时段，Shopify 股价年内累计下跌超过7%。
Shopify Q3 Revenue Rises 32% but Misses Expectations: Shares Fall About 19% Premarket
Nov. 3 — Canadian e-commerce platform Shopify reported its third-quarter 2026 results before the market open today, with revenue of $3.74 billion, up 32 percent year over year. Gross merchandise volume and subscription revenue both missed market expectations, however, and the stock fell as much as about 19 percent in premarket trading, in the company's first revenue miss since 2022.
Shopify's third-quarter gross merchandise volume was $119.15 billion, up about 29 percent year over year but below the roughly $120.08 billion expected, with growth slowing from 31 percent in the previous quarter. Subscription solutions revenue was $836 million, up 20 percent but below the $850.2 million forecast; merchant solutions revenue was $2.91 billion, up about 35 percent and slightly ahead of expectations.
Adjusted earnings per share were $0.49, above the roughly $0.47 expected; operating income was $568 million, up 66 percent; and free cash flow was $816 million, up 61 percent, with the free cash flow margin widening from 18 percent to 22 percent.
The market reaction showed investors focusing on slower growth rather than improved profitability. Analysts noted that Shopify's valuation already priced in high growth expectations, so any detail falling short would be magnified.
On the earnings call, the company's chief financial officer said gross margins face multiple pressures, including higher super intelligence (SI) computing costs such as server hosting and increased spending as usage of its merchant assistant tools expands.
For the fourth quarter, Shopify expects revenue growth in the low thirties percent range, gross profit growth in the high twenties, and operating expenses at 29 to 30 percent of revenue. The guidance offered no signal of renewed acceleration and left the market cautious about the holiday season. Through the premarket session, Shopify shares were down more than 7 percent for the year.
来源：Shopify
发布：GSM·美国（发布链接）
图片来源：Shopify 公司标志。公共领域，经 Wikimedia Commons / The Shopify logo. Public domain, via Wikimedia Commons
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