Shopify Inc. ($SHOP) reported a strong performance in the third quarter of 2024, with key metrics surpassing expectations. The company's revenue increased by 26%, and gross merchandise volume (GMV) rose by 24%, marking the fifth consecutive quarter of GMV growth above 20%. Operating income more than doubled from the previous year, and the free cash flow margin expanded significantly. Shopify's offline GMV grew by 27% year-over-year, while B2B GMV saw a remarkable increase of over 145% year-over-year. The international GMV growth outpaced North America, accelerating to over 30% year-over-year. Shopify Payments saw penetration grow to 62%, with Shop Pay facilitating $17 billion in GMV, up 42%. The Shop Pay button is also being adopted by non-Shopify merchants, including Victoria's Secret, JOANN Stores, and Shoe Carnival. Furthermore, Shopify's Merchant Solutions segment, primarily financial services sold to merchants, generates over 70% of the company's revenue but less than 50% of its gross profit. Citi maintains a 'Buy' rating with a price target of $143, noting this quarter as Shopify's highest-quality beat of 2024, and the Q4 growth outlook remains strong.