Shopify (NYSE: SHOP) shares declined on Tuesday despite the company reporting record Black Friday Cyber Monday weekend.
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The e-commerce platform business said Black Friday Cyber Monday weekend sales came in at $7.5 billion, representing a 19% increase in sales from the $6.3 billion during Shopify's Black Friday Cyber Monday weekend in 2021.
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According to a survey conducted by Shopify, consumers are seeking out good deals from their favorite brands, with 76% of more than 24,000 consumers globally seeking higher-quality products that will last. In addition, the company said 84% planned to compare prices for the best discounts before making a purchase.
Over the weekend, Shopify reported that sales on its platform hit a record. They added in yesterday's release that Black Friday experienced the highest shopping volume moment during the weekend, with peak sales of over $3.5 million per minute. Consumers globally spent around $102.10 per order on average, up from the $100.70 average last year.
Following the news, Jefferies analyst Samad Samana, who has a Buy rating and $40 per share price target on Shopify, said that If Black Friday, Cyber Monday, as a percentage of Q4 GMV, remain at a level consistent with 2021, it would imply Q4 GMV is tracking at about $64 billion, or up 19% year-over-year, which would be ahead of consensus at $59 billion.
Shopify shares closed Tuesday's session down 2.3%, while they have climbed 0.78% premarket Wednesday.
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