Future Investing
Shopify (SHOP, UBER, SPOT) Earnings Call | Q3 2025 Breakdown
11/4/2025, 12:33:36 PM
Economic Summary
- Toast and Uber announced a strategic partnership for US and Canada where brands using Toast will use Uber, implying increased routing of restaurant and merchant orders through Uber's network and potential revenue uplift for both companies.
- There is growing optimism around Shopify's expansion into B2B and offline channels; as Shopify scales, Asian customers and non-US markets could become a substantial portion of total GMV, expanding its TAM and long-term growth runway.
- Market sentiment may be fragile: commentators suggest some investors are overly concerned despite indications of a strong quarter, which could create short-term volatility unrelated to fundamentals.
Bullish
- Toast and Uber announced a US/Canada strategic partnership, likely boosting order and logistics volume.
- Shopify's B2B push could open a new large revenue stream beyond consumer merchants.
- Shopify's offline and Asia expansion could materially expand total addressable market and GMV.
Bearish
- Investors may be over-concerned and sell into what appears to be a strong quarter.
- Some market participants still view Shopify as only a small-consumer play, limiting expectations.
Bullish tickers
TOSTUBERSHOP
Bearish tickers
SHOP
TOST
Bullish
Strategic partnership with Uber in US/Canada expected to drive order routing and growth for Toast.
Bearish
No explicit negatives in transcript; partnership execution risk and broader market sentiment could weigh.
UBER
Bullish
Partnership with Toast expands Uber's delivery/merchant integrations and could increase transaction volume.
Bearish
Transcript offers no direct bearish points; results-driven sentiment could pressure shares.
SHOP
Bullish
B2B, offline channels, and Asian customer growth could materially expand Shopify's GMV and TAM.
Bearish
Some investors still count Shopify out as a small-consumer play, potentially capping expectations.
People mentioned
Tara