Shopify misses revenue estimates as e-commerce rivalry deepens

FILE PHOTO: An employee works at Shopify's headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie

(Reuters) -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 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 $1.15 billion, or $9 per share, from about $191.1 million, or $1.54 per share, a year earlier.

Gross merchandise volume, a widely watched figure for the e-commerce industry's performance, stood at $41.8 billion in the quarter, up 35%.

U.S-listed shares of the company fell about 4.5% in premarket trading.

(Reporting by Richard Rohan Francis in Bengaluru; Editing by Maju Samuel and Krishna Chandra Eluri)

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