Shares of e-commerce platform Shopify (SHOP - Free Report) is surging in Wednesday trading; SHOP was up as much as 15.6% today and hit a new 52-week high.
Why is the stock gaining?
Shopify reported better than expected Q4 results, fueling investor optimism in the company’s short- and long-term growth prospects. Earnings and revenue easily beat the Zacks Consensus Estimate, and holiday sales jumped 61% to $2.9 million. But, its upbeat 2020 revenue guidance is really driving the stock. Shopify expects revenue to range from $2.13B to $2.16B compared to consensus estimates of $2.11B
CEO Tobi Lütke called 2019 a “milestone” year for the company, and Shopify has invested $1 billion to build fulfillment centers, helping it compete with Amazon (AMZN - Free Report) .
SHOP has soared nearly 40% year-to-date compared to the S&P 500’s gain of only 4.7%
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