Shares of Shopify saw an increase in trading on Friday as Amazon.com's results indicated a robust holiday spending season. The Ottawa-based e-commerce platform experienced a 6.4% surge on the NYSE, reaching US$81.63 and nearing a 52-week high. Over the last three months, Shopify's shares have risen by 33%.
The positive trend was also observed on the Toronto Stock Exchange, where the company's shares rose by 6.5% to 109.34 Canadian dollars (US$81.24).
Late on Thursday, Amazon announced sales growth that exceeded analysts' expectations, reflecting a thriving online shopping period during the holidays. Andy Jassy, the Chief Executive of the e-commerce giant, stated that the holiday shopping season broke records.
Shopify had previously demonstrated strong sales growth during the holiday shopping period. Amazon's latest report suggests that this growth may have continued throughout the quarter.
In late November, Shopify reported a 22% increase in sales compared to the previous year during the Black Friday period.
Following Amazon's fourth-quarter results, their shares experienced an 8% rally on Friday, positioning them for the highest closing since December 2021.
Shopify is set to release its fourth-quarter results on February 13 before the market opens.
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