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Apr 17, 2020

Shopify surges after CTO touts 'Black Friday-level traffic'

Shopify

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Shopify Inc. shares are on track for a record high after an executive said the e-commerce company was experiencing traffic similar to peak holiday levels and predicted even more growth.

“As we help thousands of businesses to move online, our platform is now handling Black Friday level traffic every day!” Chief Technology Officer Jean-Michel Lemieux said Thursday on Twitter, referring to the day after Thanksgiving that is one of the busiest shopping days of the year. “It won’t be long before traffic has doubled or more.”

Shopify gained as much as 11 per cent on Friday, after rising 5.9 per cent on Thursday. During the course of its current seven-day winning streak the stock has gained 50 per cent, adding US$23 billion in market value.

E-commerce companies like Shopify have been among beneficiaries of the coronavirus pandemic as home-bound consumers shift more of their purchases online and avoid going to physical stores. Amazon.com Inc., the world’s biggest online retailer, saw its shares rise to a record on Thursday and is on track for its biggest monthly gain in more than two years.

While the traffic surge doesn’t necessarily translate into an equivalent amount of revenue, it’s a positive sign for the business, according to Colin Sebastian, a Robert W. Baird & Co. analyst.

“This is another positive indicator for the strength of Shopify’s platform, and a more positive signal for Shopify’s ongoing business trends,” he wrote in a research note.