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Shopify stock jumps on record $3.36B in Black Friday sales

Published 2022-11-28, 10:21 a/m
Updated 2022-11-28, 10:45 a/m
© Reuters.  Shopify stock jumps on record $3.36B in Black Friday sales

© Reuters. Shopify stock jumps on record $3.36B in Black Friday sales

Shopify (TSX:SHOP) Inc's share price rose more than 6% on Monday morning after the Canadian-based eCommerce platform provider announced that its merchants achieved record Black Friday sales in 2022.

Shopify said its merchants made sales of $3.36 billion from the start of Black Friday in New Zealand through to the end of Black Friday in California, a 17% increase over 2021’s Black Friday sales.

At its peak, merchants on Shopify collectively saw sales of $3.5 million per minute at 12.01pm ET on Black Friday, the company said.

The top-selling countries where shoppers made purchases were the United States, the United Kingdom and Canada, with the top-selling cities including London, New York, and Los Angeles.

Shopify merchants globally saw a 27% growth in POS sales when compared with Black Friday last year, according to the company.

“Black Friday Cyber Monday has grown into a full-on shopping season,” commented Shopify president Harley Finkelstein. “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.”

Shopify shares were up 6.2% mid-morning on Monday at about US$39. The stock is down almost 80% this year.

Read more on Proactive Investors CA

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