Shopify shares surged 18% after the e-commerce software company reported stronger-than-expected second-quarter results and gave a sales forecast above Wall Street estimates, easing concerns that new AI tools could hurt demand for its services. The company posted adjusted earnings of 42 cents per share on revenue of $3.58 billion. Analysts polled by Visible Alpha had expected earnings of 40 cents per share and revenue of $3.46 billion.
Revenue rose 34% from a year earlier, showing that Shopify continues to attract merchants to its online selling tools even as competition rises in the e-commerce and artificial intelligence space. Gross merchandise volume, or the total value of goods sold through Shopify’s platform, rose 32% year-on-year to $115.57 billion. Analysts had expected $111.98 billion.
