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Black Friday Sales Lift Shopify (SHOP) Stock 6%

  • Shopify (SHOP) stock is doing well today thanks to a strong Black Friday event.
  • The company’s sales for the shopping holiday beat out prior records.
  • This came alongside heavy traffic in the U.S., Canada and the U.K.
Shopify (SHOP Stock) on the phone display.

Source: Burdun Iliya / Shutterstock.com

Shopify (NYSE:SHOP) stock is rising higher on Monday as investors celebrate a successful Black Friday event for the e-commerce company.

Shopify notes its merchants set records over the weekend with Black Friday sales totaling $3.36 billion. That covers sales from late Nov. 24 to early Nov. 26. During that time, the company saw peak sales reach $3.5 million per minute.

During the Black Friday sales event, Shopify saw the heaviest traffic from the U.S., Canada and the U.K. It also notes most of its transactions came from customers living in New York, Los Angeles and London.

In terms of what customers were interested in, the top categories during the Shopify Black Friday sale were apparel and accessories, health and beauty and home and garden. The average cart price for the event was sitting at $102.31.

Shopify Merchants Outperform Again

Harley Finkelstein, president of Shopify, said the following about the Black Friday sales.

“Black Friday Cyber Monday has grown into a full-on shopping season. 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. Our merchants have built beloved brands with loyal communities that support them. This weekend, we’re celebrating the incredible power of entrepreneurship on a global stage.”

SHOP stock is up 6.2% as of Monday morning.

Investors seeking out more of the latest stock market news will want to stick around!

InvestorPlace is home to all of the most recent stock market news for Monday! That includes the latest news from Helbiz (NASDAQ:HLBZ) and Talkspace (NASDAQ:TALK), as well as the biggest pre-market stock movers this morning. You can find all of that news at the following links!

More Monday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/11/black-friday-sales-lift-shopify-shop-stock-6/.

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