Shopify Inc. approved an additional US$3-billion for a share buyback program.

Shopify Inc. SHOP-T has approved an additional US$3-billion for a share buyback program, bringing its total repurchase authorization to US$5-billion. The Canadian e-commerce giant approved a first set of buybacks in February, after a period in which investors shed software stocks on concerns tied to artificial intelligence. Shopify’s share price was down 5.7 per cent at the close of trading Tuesday on the Toronto Stock Exchange, and down 26.7 per cent from the beginning of the year. “Today’s announcement shows our confidence in the durability of our business and the opportunity ahead,” Jeff Hoffmeister, Shopify’s chief financial officer, said in a release Tuesday. “Consistent operating cash flow, a balance sheet built for the long-term, and strong results quarter after quarter – these give us the ability to prioritize building products that drive merchant success while also returning capital to shareholders, especially during periods of market volatility,” he said. The company said that as of June 1, it had repurchased approximately US$1.45-billion under its current authorization. In a statement, Shopify said it will continue to execute the program using prearranged algorithmic trading instructions, with no set quarterly or annual minimums. The program does not obligate the company to acquire any shares, it said.

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