Shopify Stock Fell Even Though Black Friday-Cyber Monday Weekend Sales Were up 19%

Shopify Stock

Shopify Stock (NYSE:SHOP)

On Tuesday, Shopify Inc. (NYSE:SHOP) reported a record-setting Black Friday Cyber Monday weekend with a total of $7.5 billion in sales from independent companies all over the globe. The number increased by 19% compared to the sales made over the Black Friday Cyber Monday weekend in 2021 for Shopify.

This year, more than 52 million customers worldwide made purchases from companies powered by Shopify, which is an increase of 18% compared to the previous year. The weekend including Black Friday and Cyber Monday is the shopping occasion with the most significant volume for Shopify businesses during the year.

Paying by customers increased in several nations, with consumers worldwide spending an average of $102.10 per order over the weekend or $104.80 when accounting for constant currency, in comparison to the worldwide average of $100.70 one year earlier. Customers made the most purchases from London, New York City, and Los Angeles; these three places are among the top sellers. The most popular product categories were clothing and accessories, health and beauty products, and home and garden goods.

The Chief Executive Officer of Shopify, Harley Finkelstein, commented on the holiday shopping weekend by saying, “this year, Black Friday Cyber Monday showed us once again that customers are voting with their money to support the independent companies they love.”

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About the author: I'm a financial journalist with more than 1.5 years of experience. I have worked for different financial companies and covered stocks listed on ASX, NYSE, NASDAQ, etc. I have a degree in marketing from Bahria University Islamabad Campus (BUIC), Pakistan.