“Overall, I'd say we're seeing very healthy trends in our checkout business. We're heading into the heart of Q4, and we really see no meaningful shifts in our performance or our demand environment.”

In context

“. Operator: Your next question comes from the line of Darrin Peller from Wolfe Research. Please go ahead. Your line is open. Darrin Peller: Hey. Thanks, guys. Alex, congrats again on the new role, and Gabrielle, thanks for everything. Obviously, we know you'll be missed by your investors. Guys, I know you lowered your outlook a bit for revenue in the fourth quarter, and I think you said you continue to see a decrease in gross profit for fourth quarter. Can you just give us a bit more color on what you're seeing in the environment on e-com, both U.S. and perhaps globally? And just if anything you're seeing in the trends is what led to a more cautious outlook either on the holidays or anything more broadly? Thanks, guys. Gabrielle Rabinovitch: Yeah, Darrin. You bet. Thanks for the question. Overall, I'd say we're seeing very healthy trends in our checkout business. We're heading into the heart of Q4, and we really see no meaningful shifts in our performance or our demand environment. We have taken an appropriately prudent approach to planning for Q4, and obviously, we've contemplated a range of outcomes. As you know, headed into Q3, we had expected to see branded checkout accelerate through the back half. Branded did bump up in July. And as I discussed a few minutes earlier, it moderated through Q3. Overall, we've seen very solid performance in branded. So, when we think about the sort of what we're seeing in the back half relative to the first half, very consistent performance in global branded checkout. But it's just not as elevated as we planned and that's really what's informing the outlook. Darrin Peller: Got it. Thanks, Gab. Operator: Your next question comes from the line of Mike Ng from Goldman Sachs. Please go ahead. Your line is open. Michael Ng: Hey. Good a”