Shopify Inc. (NASDAQ:SHOP) stock rose Tuesday after the company announced that merchants on its platform hit a record $14.6 billion in sales during Black Friday–Cyber Monday (BFCM) weekend.
This represents a 27% increase from last year (up 24% in constant currency), with over 81 million customers worldwide making purchases.
During BFCM, Shopify experienced record activity, with over 15,800 entrepreneurs making their first sale and 94,900 merchants reaching their highest-selling day.
Also Read: Shopify’s ‘Standout’ Growth And ‘Major Untapped’ Ad Opportunity Impress Wall Street
The U.S., U.K., Australia, Germany, and Canada led overall sales, with spending peaking at $5.1 million per minute at 12:01 p.m. EST on Black Friday. Cross-border orders accounted for 16% of global volume.
Shop Pay usage surged, with 39% year-over-year growth and 32% of all orders processed through it.
The company tracked over 136 million packages via the Shop App, highlighting Shopify’s scale and global reach.
Recent Earnings
Last month, the company’s quarterly revenue growth of 32% year-over-year to $2.84 billion beat the analyst consensus estimate of $2.76 billion and adjusted EPS of 34 cents, which was in line with the analyst consensus estimate.
Shopify expects fourth-quarter revenue growth to be in the mid-to-high twenties percentage rate on a year-over-year basis (roughly $3.51 billion to $3.59 billion), versus an analyst consensus estimate of $3.48 billion.
SHOP Price Action: Shopify shares were up 4.53% at $156.04 at the time of publication on Tuesday, according to Benzinga Pro data.
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