:Canada's Shopify Inc's third-quarter revenue fell short of Wall Street estimates, hurt by stiff competition as rivals invest more money to develop their e-commerce platforms.
Although demand for Shopify's software and services remain strong, Adobe Inc and Amazon.com Inc are also working on product developments on their e-commerce platforms to help retailers create and better manage their online stores. Net income rose to US$1.15 billion, or US$9 per share, from about US$191.1 million, or US$1.54 per share, a year earlier.
Gross merchandise volume, a widely watched figure for the e-commerce industry's performance, stood at US$41.8 billion in the quarter, up 35per cent.
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