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.

Much of the growth was centered around Black Friday and Cyber Monday, which saw the company process $2.9 billion in sales, which was an increase of 61% over the previous year.

Shopify execs also announced the company is expecting revenue from $2.12 billion to $2.16 billion, besting estimates of $2.11 billion.