Shopify stock jumps 18% after 2nd-quarter results beat estimates
Business
Shopify's stock shot up 18% after the company crushed its second-quarter targets, reporting $3.58 billion in revenue and 42 cents per share in earnings, both higher than Wall Street expected.
Sales and GMV grow over 30%
Shopify's sales and gross merchandise volume both grew over 30%, with GMV hitting $115.57 billion.
President Harley Finkelstein called it "a monster quarter," giving credit to new AI tools that help merchants run their shops more smoothly.
Even with some worries about AI changing the game, Shopify expects strong growth to keep rolling into next quarter, showing its tech is still winning over online sellers.