Shopify Shares Rise After Amazon Posts Strong Holiday Results

By Ben Glickman

Shares of Shopify traded higher Friday after Amazon.com's results signaled holiday spending was strong.

Ottawa-based Shopify was up 6.4%, to US$81.63, in midday trading on the NYSE, nearing a 52-week high. Shares are up 33% in the last three months.

The e-commerce platform's shares were also up on the Toronto Stock Exchange, recently rising 6.5%, to 109.34 Canadian dollars (US$81.24).

Amazon reported sales growth late Thursday that topped analysts' estimates, a signal of strong online shopping during the holiday quarter.

Andy Jassy, the e-commerce giant's chief executive, said the holiday-shopping season broke records.

Shopify has sent early signals of strong sales growth in the holiday shopping period. Amazon's report suggests sales growth may have held up through the quarter.

In late November. Shopify said sales increased 22% from a year ago in the Black Friday period.

Amazon shares rallied Friday after the company's fourth-quarter results, rising about 8%. Shares were on pace for their highest close since December 2021.

Shopify reports fourth-quarter results before the market opens Feb. 13.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

February 02, 2024 12:54 ET (17:54 GMT)

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