Shopify Inc.'s stock surged over 5% in Thursday's intraday trading session, fueled by the company's impressive full-year 2024 financial results that exceeded analysts' estimates.
The e-commerce platform provider reported a 26% year-over-year increase in revenue to $8.88 billion for the fiscal year 2024. More notably, Shopify's net income skyrocketed to $2.02 billion, marking a significant improvement from the previous year's figure of $130 million. The company's earnings per share (EPS) of $1.57 surpassed analysts' expectations by a wide margin of 75%.
Shopify's strong performance, characterized by robust revenue growth and profitability, has sparked investor enthusiasm and contributed to the stock's surge. Additionally, the broader technology sector has been buoyed by optimism surrounding the rapidly evolving AI application market, with companies like Shopify potentially poised to capitalize on the opportunities presented by this emerging field.
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