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Shopify authorized an additional $3 billion in share repurchases, bringing its total buyback authorization to $5 billion.
Shopify increased its share buyback authorization by $3 billion, totaling $5 billion approved.
KEY POINTS
As of June 1, Shopify had repurchased about $1.45 billion worth of its shares.
Shopify's buyback program uses pre-arranged algorithmic trading guidelines without fixed periodic minimums.
The new buyback authorization signals Shopify's increased confidence in its business outlook.
By Kelly Cloonan
Shopify authorized an additional $3 billion in share repurchases, bringing its total buyback authorization to $5 billion.
The e-commerce company said Tuesday the move reflects its confidence in its business and opportunity ahead.
As of June 1, Shopify has repurchased about $1.45 billion under its current authorization. The company said it will continue to execute the program using pre-arranged algorithmic trading guidelines with no set quarterly or annual minimums.
Write to Kelly Cloonan at [email protected]
(END) Dow Jones Newswires
06-02-26 1730ET