Shopify Stock Surges 3.75% as E-commerce Giant Reaches New Heights After Record-Breaking BFCM Sales
Shopify saw its stock rise by 3.75% on December 6, marking a three-day gain of 5.82%, as it hit its highest intraday price since June 2022. This upward momentum is part of a broader positive trend for the company in recent times.
On November 12, Shopify released its financial results for the third quarter of 2024, revealing significant growth. The company reported total revenue of $60.68 billion, a year-over-year increase of 23.43%, and a net profit of $7.26 billion, with basic earnings per share of $0.56. These robust figures underscore Shopify's expanding influence and capacity to adapt and thrive in the evolving e-commerce landscape.
Founded on September 28, 2004, Shopify has established itself as a leading global commerce company, providing essential internet infrastructure and reliable tools to help businesses of any size launch, grow, market, and manage their operations. The company's mission is to enable better commerce for everyone and enhance the shopping experience for consumers worldwide through a user-friendly and dependable platform.
During the 2024 Black Friday Cyber Monday (BFCM) period, Shopify merchants set a new record with $11.5 billion in sales, a 24% increase from the previous year. This remarkable performance highlights the platform's considerable sales potential and vitality. Over 76 million consumers globally purchased from brands powered by Shopify, demonstrating the platform's vast reach and impact.
The shopping frenzy peaked at 12:01 AM Eastern Time on November 29, with sales hitting $4.6 million per minute. Such success illustrates how Shopify continues to reshape retail events, traditionally dominated by conventional retail giants, into global sales celebrations involving businesses of all sizes. This year's event was particularly notable as over 16,500 entrepreneurs made their first sales on Shopify, and more than 67,000 merchants achieved their highest single-day sales.
These impressive achievements were powered by Shopify's strong technical infrastructure, handling up to 57.3 petabytes of data and processing 1.19 trillion edge requests during the event. Its robust performance ensured seamless operations despite the high traffic, setting a foundation for consistent success for merchants worldwide. Shopify's advancements in technology and commerce continue to bolster its competitive edge and expand its influence in the global market.