Shopify reported third-quarter revenue of $3.74 billion, up 32% year over year, but slightly below the $3.75 billion analyst estimate, marking its first revenue miss since the second quarter of 2022. Gross merchandise volume reached $119 billion, below the $120.03 billion estimate, while subscription revenue of $836 million and subscription gross profit of $661 million also trailed forecasts. Adjusted earnings were 49 cents a share, above the 46-cent estimate and up from 34 cents a year earlier. Shares fell 7% Tuesday after dropping as much as 17% during the session; an earlier account had described a roughly 10% morning decline and a fall to $130.01. Shopify expects fourth-quarter revenue growth in the low-thirties percentage range, gross profit dollars growth in the high twenties and operating expenses at 29% to 30% of revenue. Revenue growth has exceeded 30% for six consecutive quarters, while GMV growth has topped 20% for 13 straight quarters. Existing reports also cited $816 million in free cash flow, $568 million in operating income, $562 million in share repurchases, $2.91 billion in Merchant Solutions revenue and a Tuesday SEC shelf registration statement.