Shopify Stock Climbs on Black Friday Sales Record
Merchants that use Shopify’s platform recorded $4.1 billion in sales on Black Friday, the company said.
Shares of Shopify (SHOP) climbed after the e-commerce company said Black Friday sales notched a record.
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Shares of @Shopify (SHOP) climbed after the e-commerce company said Black Friday sales notched a record.#ecommerce #shopify #DigitalEconomy pic.twitter.com/v4Np5oc9Z8
— The_Journalbiz (@the_journalbiz) November 27, 2023
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Merchants that use the platform recorded $4.1 billion in sales on the Friday after the Thanksgiving holiday, a 22% increase from the year before, Shopify said.
Shopify shares closed at a one-year high last week, reaching $70.96 per share. In morning trading Monday, the stock rose more than 4% to change hands above $73 apiece. The stock hasn’t closed at $73 or higher since March 2022.
Other indicators show that Black Friday spending was robust. Retail sales in the U.S. on that day rose 2.5% from last year, according to Mastercard SpendingPulse, which measures sales in stores and online.
