Shopify jumps after record Black Friday sales data

Commerce.com

27/11/2023 12:52

** U.S-listed shares of Shopify  SHOP.N  up 4.1% premarket
to $73.22, a 19-mth high, after Canadian e-commerce firm reports
strong Black Friday sales data
    ** Co announces record $4.1 bln of merchant sales through
Black Friday, up 22% yr/yr
    ** Oppenheimer, which rates SHOP "outperform" with $80 PT,
says expects positive market reaction with pace of sales
tracking ahead of consensus 4Q GMV (gross merchandise value)
growth expectations of approx 17% yr/yr, and cautious retail
sentiment into the holiday season
    ** Through Fri close, SHOP's U.S.-listed shares have doubled
YTD, including 49% surge this month
    ** On Nov 2, co reported return to profitability in Q3,
driven by cost controls and adoption of AI (artificial
intelligence}
    ** Meanwhile, Adobe Analytics expects Cyber Monday, the
year's biggest U.S. online shopping day, to hit a record $12
bln, as price-sensitive shoppers nab early deals
    ** Shares of Amazon.com  AMZN , which began marketing its
Cyber Monday Deals as early as Saturday, edging up 0.6% to
$147.68 before the bell. AMZN shares have gained 75% in 2023
through Fri

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))