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 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 $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)
