Shopify has posted an adjusted net loss of A$46.5 million for the third quarter, but with healthier revenue and smaller-than-expected operating losses, stock in the Canadian online retailer has soared.

Revenue was up 22 per cent from the same quarter last year, reaching A$2.12 billion.

Although Shopify warned this year would be “more of a transition year, in which ecommerce has largely reset to the pre-Covid trend line and is now pressured by persistent high inflation,” it has surpassed expectations for the quarter.

Further to this, Shopify predicts its operating expenses will “sequentially decelerate” in the current quarter, and posted a 11 per cent leap in gross merchandise volume (total value of items sold on the platform) to A$71.61 billion. This is A$6.82 billion more than the same quarter in 2021.

“I think what’s being missed is Shopify is a great reopening story,” Harley Finkelstein, Shopify’s president (pictured below), told CNBC.

“If you look at Shopify point of sale, physical retail of gross merchandise volume, it was up 35 per cent year on year.”

This marks the first quarter in which newly acquired e-commerce shipping company Deliverr is rolled into the company’s results.

“In Q3, we delivered another solid quarter of GMV, revenue, and gross profit dollar growth against the high inflationary environment,” Amy Shapero, Shopify’s CFO, said in the company’s earnings release.

“From an operational perspective, we recalibrated our organisational structure, successfully rolled out a new compensation framework, and began integrating Deliverr into Shopify.”

The company recently announced it would cut 10 per cent of its workforce, which will also result in further lowering of operating costs.