Shares of Shopify (SHOP) climbed after the e-commerce company said Black Friday sales notched a record.
Merchants that use the platform recorded $4.1 billion in sales on the Friday after the Thanksgiving holiday, a 22% increase from the year before, Shopify said.
Shopify shares closed at a one-year high last week, reaching $70.96 per share. In Monday trading, the shares rose 4.9% to close at $73.79, their highest daily finish since March 2022.
Other indicators show that Black Friday spending was robust. Retail sales in the U.S. on that day rose 2.5% from last year, according to Mastercard SpendingPulse, which measures sales in stores and online.
Up about 113% this year, Shopify's stock is off more than 50% form its record close, set in November 2021.
