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Why Shopify Shares Are Soaring Today

Published 28/11/2022, 13:57
© Reuters.  Why Shopify Shares Are Soaring Today
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Benzinga -

  • Shopify Inc (NYSE: 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 (NYSE:WMT) Beats Amazon (NASDAQ:AMZN) 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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