E-commerce service provider Shopify Inc. (SHOP) reported third-quarter 2022 revenue and adjusted gross profit of $1.40 billion and $$681.80 million, up 22% and 11% year-over-year, respectively. However, its bottom line declined significantly amid the high inflationary environment. The company’s operating loss came in at $45.10 million, compared to an adjusted operating income of $140.20 million in the prior-year quarter.
In addition, the company’s adjusted net loss was $30 million and $0.02 per share, compared with an adjusted net income of $102,80 million and $0.08 per share a year ago. Moreover, SHOP is increasingly burning cash. As of September 30, 2022, it had $4.90 billion in cash, cash equivalents, and marketable securities versus $7.80 billion as of December 31, 2021.
