Why Shopify Stock Soared to a New All-Time High Today
Shares of Shopify (NYSE: SHOP) surged 12% to a record closing high of $1,669.52 on Thursday as investors' enthusiasm for the e-commerce leader reached a fevered pitch.
Shopify's third-quarter revenue rocketed 46% year over year to $1.1 billion. More than 1.7 million merchants conducted a whopping $41.8 billion worth of retail sales on its platform during the quarter. That represented a 35% jump from the prior-year quarter.
"Our results show that Shopify is executing well, giving our merchants the tools they need to compete in differentiated ways in a growing number of markets," Chief Financial Officer Amy Shapero said in the company's earnings release.
Source Fool.com
