Shares of e-commerce platform Shopify fell 7% on Tuesday after the company missed estimates on subscription gross profit and gross merchandise volume.
Shopify reported before the bell Tuesday and posted adjusted earnings of 49 cents per share, topping LSEG estimates of 46 cents per share.
Overall, quarterly revenue of $3.74 billion came in just below LSEG estimates of $3.75 billion. Shopify said it sees revenue growth in the "low thirties" range year over year for the fourth quarter, versus LSEG estimates of 32.1%.
Gross merchandise volume, which came in at $119.15 billion, missed analyst estimates of $120.03 billion for the quarter, according to StreetAccount. Subscription gross profit also missed estimates by nearly $20 million, coming in at $661 million compared to StreetAccount estimates of $680.3 million. Merchant gross profit beat estimates.
Shopify president Harley Finkelstein called the GMV results "consistent" and "durable" in comments to CNBC's "Squawk on the Street" on Tuesday, and noted it was the thirteenth consecutive quarter of GMV growth above 20%.
"We're really proud of the print, and we're going to keep building for the long term and ignore the noise day to day," Finkelstein said.
Subscription revenue of $836 million also missed analyst estimates of $848.1 million, according to FactSet. Merchant revenue beat estimates.
