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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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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.

Image: Shopify