Why Shopify Shares Are Soaring Today

Why Shopify Shares Are Soaring Today
  • Shopify Inc SHOP had a record-setting Black Friday with sales of $3.36 billion from Black Friday in New Zealand to the end of Black Friday in California
  • The sales marked a 17% growth year-on-year (19% Y/Y on a constant currency basis). 
  • At its peak, merchants on Shopify saw sales of $3.5 million per minute at 12:01 PM EST on Black Friday, collectively. 
  • Also Read: Black Friday Surprise: Walmart Beats Amazon In Online Searches For Deals
  • U.S., U.K., and Canada were the top-selling countries and cities where shoppers made purchases.
  • The top-selling cities on Black Friday included London, New York, and Los Angeles.
  • The top product categories included Apparel & accessories, health & beauty, and home & garden.
  • The average cart price was $102.31 or $105.10 on a constant currency basis.
  • Shopify clocked 15% cross-border orders worldwide as a percentage of total orders on Black Friday.
  • Shopify registered a 27% Y/Y growth in POS sales made by Shopify merchants globally.
  • Price Action: SHOP shares traded higher by 6.80% at $39.29 in the premarket on the last check Monday.

Posted In: Briefswhy it's movingNewsMoversTechTrading Ideas