Shopify shares fell 8.7% after earnings. The transcript highlights fast growth, but offers little forward outlook to explain what comes next; the likely concern is that investors wanted clearer evidence that new AI shopping channels can become a meaningful growth driver, while management says their volume is still small.
- Q3 GMV rose 29.5% to $119 billion; revenue increased 32% to $3.7 billion.
- Free cash flow margin was 22%.
- AI traffic was up 2.6x year over year and orders 3.3x; management said AI-channel volume remains small.
- Shoppers from AI channels converted 64% more often, while Catalog-powered searches converted at 2x the rate of general AI search.
- Shopify said it expanded agent partnerships and enabled Shop Pay in additional AI shopping experiences, but the transcript provides no forecast for the financial contribution.
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