Key facts
- Shopify's board approved an additional $3 billion share buyback program.
- The total repurchase authorization is now $5 billion.
- Shopify had repurchased approximately $1.45 billion under its current authorization as of June 1.
- Shopify's U.S.-listed shares rose 1.5% in extended trading.
Shopify announced on Tuesday that its board has approved an additional $3 billion share buyback program, increasing its total repurchase authorization to $5 billion. As of June 1, the company had repurchased approximately $1.45 billion under its existing authorization. The announcement led to a roughly 1.5% increase in Shopify's U.S.-listed shares during extended trading. CFO Jeff Hoffmeister stated that consistent operating cash flow, a long-term balance sheet, and strong quarterly results enable the company to prioritize product development for merchant success while also returning capital to shareholders, particularly during periods of market volatility.