Wednesday, February 21, 2024

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Shopify rallies after Black Friday merchant sales record is broken

Shopify Inc. (NYSE:SHOP) announced that it set a Black Friday record with a combined $4.1 billion in sales from businesses worldwide.The e-commerce giant said its merchants drove a 22% increase in sales over last year, with shopping reaching a peaked when collective sales reached $4.2M per minute at 12:01 p.m. EST on Friday. Notably, global sales on Shopify POS were up 33% year-over-year.During Black Friday, Shopify (SHOP) merchants saw an average cart price of $110.71 or $110.08 on a constant currency basis. The hottest product categories were clothing, personal care, and jewelry. The top selling countries on Black Friday were U.S., U.K., and Canada. The top selling cities for the shopping holiday were Los Angeles, New York, and London.Shares of Shopify (SHOP) rose 3.15% in premarket trading on Monday to $72.56 vs. the 52-week trading range of $32.35 to $71.58. The relative strength index on the stock is at its highest level of the year.

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