$SHOP · Schwab Network · 2026-11-03
SHOP 因第三季度营收不及预期（37.4 亿）下跌约 10%，尽管每股收益 49 美分超过 46 美分；32% 的营收增长、疲软的订阅收入以及 29% 对 31.6% 的 GMV 增长均低于预期。鉴于其高估值，强劲增长被判断不足以支撑股价，而在假日季度之前，放缓是否为一次性仍是一个未解问题。
逐段跳播
首先，我们要谈谈 Shopify，它目前下跌了约10%。是的，今早投资者对 Shopify 并不买账，因为其季度业绩不及预期，我是说季度业绩，因为其中有一项不及预期。所以你会看到股价两位数下跌，这次下跌使 Shopify 今年以来的表现转为负值。
And so first up, we're going to be talking about Shopify, which right now is down about 10%. Yeah, investors not shopping for Shopify this morning off the back of its quarterly miss and quarterly uh results I should say and that's because there was a miss in there.
So you are seeing sharers drop double digits taking Shopify negative for the year with this uh drop here.
我们正在稍微减轻一些压力。Shopify 在公布季度业绩后目前下跌约10%。在盈利方面，他们每股收益为49美分。这是盈利超预期的地方。华尔街预期为46美分。
We're shaving a little bit off of some of that pressure. Now down about 10% off the back of its quarterly results here uh for Shopify. In terms of earnings, they earned 49 cents per share.
That's where the beat was on earnings. Uh the street was looking for 46 cents.
营收为37.4亿美元。这是不及预期的地方。投资者没有预料到这一点。
Revenue came in at 3.74 billion. That's the miss. Investors were not expecting that.
尽管营收同比增长超过30%，准确说是32%，但仍低于预期，强劲增长显然不足以推动其继续前进，尤其是当其中已经包含了溢价时。
Even though revenue did increase more than 30% year-over-year, 32% to be precise, it was short of expectations, strong growth is clearly not enough to carry uh this forward, especially when there's a premium built in there.
所以销售令人失望。疲软在哪里？订阅解决方案营收低于预期。这是业务中向商家收取访问 Shopify 平台和工具费用的部分。
So sales disappointing. Where was their softness? Subscription solutions revenue that came in below expectations. That's the part of the business that charges merchants for access to Shopify's platform and tools.
商家解决方案，这是其最大的业务。大致符合预期。商品交易总额，我们来看一下，增长了约29%。这是通过 Shopify 平台进行的购买总价值。它确实不及预期。
Merchant solutions, that is its largest business. That was roughly in line with expectations. Gross merchandise volume, we're looking at that uh that rose about 29% there. That's the total value of purchases made through Shopify's platform. Uh there it did miss expectations.
较上一季度有所放缓，因为上一季度我们看到该数字为31.6%。所以29.5%相比31.6%，从投资者角度看是朝着错误方向迈出的一步。
It's a slowdown from the prior quarter because in the previous quarter we saw that number come in at 31.6%. So 29 a.5% compared to 31.6% is a step in the wrong direction in terms of the view of investors.
现在的问题是，这是一次性的吗？这只是我们看到的季度性放缓吗？假日季会是什么样子？显然，这不仅对零售商至关重要，对 Shopify 这样的公司也是如此。
Um now the question from here will be is this a one-off? Is this just a quarterly you know slowdown that we're seeing? Um and what does the holiday season look like? Obviously this is crucial not just for the retailers but a name like Shopify here.
他们预计第四季度营收增长在30%出头的范围内。但他们预计运营费用将占营收的29%至30%。所以这是 Shopify 在这个假日季面临的下一个重大考验。
They're expecting fourth quarter revenue growth in the low 30% range. Uh they're projecting though operating expenses to come in between 29 to 30% of revenue. So this is the next big test for uh Shopify this holiday season.
观察点
这个频道对 $SHOP 的历次判断
Schwab Network 在这只股票上共 3 条判断，这里只列相邻的几条。