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The e-commerce platform firm said Tuesday that its board has authorized an additional US$3 billion in share repurchases, starting June 8. (The Logic)
Talking point: Shopify shares have had a lacklustre year so far—down more than 26 per cent year-to-date as of midday Wednesday trading. It’s one of many software firms that have faced turbulence in the capital markets amid uncertainty about the impact of AI. Several, including Salesforce, Adobe and ServiceNow, have responded with enormous buybacks. Shopify CFO Jeff Hoffmeister said in a statement that the upsized repurchase program signals “our confidence in the durability of our business and the opportunity ahead.” The company has already repurchased about US$1.45 billion in shares under the current program as of the first of the month. There is no expiry date for the program, the company said.
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