Shopify Inc. ($SHOP) reported its Q3 2024 earnings, surpassing revenue expectations with $2.16 billion in sales, compared to the expected $2.1 billion. The company also provided a strong Q4 sales guidance of $2.72 billion, above the expected $2.62 billion. Shopify's stock surged 14% after the announcement, driven by the company's effective use of AI technology, which has proven to be a significant revenue driver. The stock saw a pre-market increase of 20% and continued to rise, reaching up to 26% during the trading day. Despite the positive earnings, there was a miss in operating profit, which will be addressed in the upcoming call. The company's free cash flow margin expanded to 19%, beating expectations by ~20%, and its market cap increased by over $20 billion. Shopify's stock has rebounded significantly, up 340% from its 2022 lows, though it remains down 33% from its peak and is still about 50% away from its all-time highs. The earnings report highlighted the company's growth acceleration and impressive quarterly performance, showing intraday relative strength.