Shopify Stock Gains 7% in Morning Trading

Tiger Newspress2022-11-28

Shopify announced a record-setting Black Friday with sales of $3.36B from the start of the one-day shopping holiday in New Zealand through the end of the day in California. Shopify stock gains 7% in morning trading.

The tally marked a 17% year-over-year increase in sales over the Black Friday or +19% on a constant currency basis.

Merchants on Shopify saw sales of $3.5M per minute at 12:01 PM EST on Black Friday, which was the peak level of activity.

"Black Friday Cyber Monday has grown into a full-on shopping season. The weekend that started it all is still one of the biggest commerce events of the year, and our merchants have broken Black Friday sales records again," noted Shopify President Harley Finkelstein.

SHOP noted that top selling countries and cities where shoppers made purchases from United States, United Kingdom and Canada, with the top-selling cities on Black Friday including London, New York, and Los Angeles

Product categories showing strength were apparel & accessories, health & beauty, and home & garden.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
7