Shopify shares rise after record Black Friday as merchant sales hit $4.1 billion

Takeaways

Shopify set a record for merchant sales on Black Friday.
The e-commerce company reported that its sales increased 22% from last year, to 4 .1 billion dollars.
The United States, the United Kingdom and Canada were the best-selling countries.

Shopify (SHOP) shares jumped more than 4% in early trading Monday after a strong performance on Black Friday.

The e-commerce company has announced that its merchants achieved a record $4.1 billion in sales the day after the U.S. Thanksgiving holiday, a key date for the holiday shopping season. This represents an increase of 22% compared to 2022.

Shopify noted that peak demand was at 12:01 p.m. ET, when collective sales were $4.2 million per minute. The company reported that the average basket price was $110.71, up from $102.31 the previous Black Friday.

Shopify explained that the US, UK and Canada were the top-selling countries, and the “hottest product categories” were clothing, personal care and jewelry.

Shopify President Harley Finkelstein, said that “the world has shown up for our merchants” and that as Cyber Monday approaches, “the enthusiasm is only growing.”

Shopify shares climbed following the news at their highest level since March 2022.