Why Shopify Stock Is Moving Higher Monday

Shopify Inc SHOP shares are trading higher Monday after the company announced that Shopify merchants set a Black Friday record with a combined $4.1 billion in sales. 

What To Know: Shopify said merchants around the globe saw a 22% increase in sales on Black Friday compared to 2022. Collective sales climbed as high as $4.2 million per minute at one point on Friday, the company added. 

“Another epic, record-breaking Black Friday in the books for Shopify merchants. The world showed up for our merchants, and the excitement is only building, with Cyber Monday still to come," said Harley Finkelstein, president of Shopify.

Shopify noted that the hottest product categories were clothing, personal care and jewelry. The average cart price on Black Friday was $110.71. The U.S., the U.K. and Canada were the top selling countries while top selling cities were Los Angeles, New York and London. 15% of sales were made across borders. 

See Also: Black Friday Sales Surge, Despite Economic Uncertainties — Here Are The Stocks That Stand To Benefit The Most

SHOP Price Action: Shopify shares were up 3.85% at $73.05 at the time of publication, according to Benzinga Pro.

Photo: Open Grid Scheduler from Flickr.