Shopify President Harley Finkelstein told CNBC that Cyber Monday sales have been strong across its worldwide network of small businesses and direct-to-consumer companies.
“We don’t have final numbers, but Shopify merchants have now surpassed last year’s sales of $5.1 billion globally,” Finkelstein said in a “Mad Money” interview that took place less than an hour of the U.S. stock market closed at 4 p.m. ET.
“We’ve seen peak sales … today as high as $1.5 million dollars a minute or 13,000 orders a minute,” Finkelstein added.
Finkelstein’s comments offer insight into consumer spending during one of the holiday shopping season’s biggest days, which is characterized by internet retailers offering deals and discounts on a range of products.
A days earlier on Black Friday, Finkelstein said Shopify merchants booked $2.9 billion in sales, up 22% from last year at a time when many shoppers were reluctant to shop in person due to coronavirus concerns. Shopify’s Black Friday sales for 2021 were more than double 2019 levels, Finkelstein added.
Shopify benefited from the Covid pandemic-fueled acceleration ecommerce sales. The company, which is based in Ontario, Canada, offers technology that powers online stores for other businesses, and it also offers point-of-sale systems.
Shopify shares closed Monday’s session down 0.6% at $1,567.02 apiece, putting the company’s market cap at $195.5 billion. The stock is up 38.4% year to date.
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