Shopify (SHOP) reported $5 billion in gross merchandise volume during its annual Black Friday shopping event, up 22% year-over-year. This marks a stronger-than-expected performance from the e-commerce platform.
Analysts are cautiously optimistic about Shopify’s future growth prospects. Deutsche Bank analyst Bhavin Shah said that the company is on track to meet its fourth-quarter expectations of $92.8 billion in gross merchandise volume, with Black Friday contributing around 5.4% to this total.
Shopify stock fell 3% in midday trading despite the strong sales performance. However, it has gained 48% so far this year, surpassing its best levels since January 2022.
Amazon (AMZN) also rose a fraction on Monday. The e-commerce giant recently announced partnerships with PayPal and Alphabet’s YouTube to expand its services.
While Shopify’s stock price fell during midday trading, analysts remain bullish about the company’s prospects. Its Composite Rating stands at 99 out of 99 according to IBD Stock Checkup.
Source: https://www.investors.com/news/technology/shopify-stock-black-friday-ecommerce-2024