Shopify reports better than expected revenues, strong 2020 outlook
Shopify stock reached a new 52-week high of $786.07 after it released better than expected fourth quarter results and positive outlooks for 2020.
Revenue in the fourth quarter of 2019 climbed 47% to $505.2 million, beating estimates of $482.1 million.
This equated to 43 cents per share, almost double the forecasted 24 cents per share.
Shopify execs also announced the company is expecting revenue from $2.12 billion to $2.16 billion, besting estimates of $2.11 billion.