Shopify said on Tuesday its board had approved an additional $3 billion share buyback program.

June 2 (Reuters) - Shopify said on Tuesday its board had approved an additional $3 billion share buyback program, bringing the Canadian e-commerce company's total repurchase authorization to $5 billion. The move comes a month after the company's lukewarm forecast failed to stem investor worries about disruptions from ?artificial intelligence. Shopify's shares have taken a beating this year in a software selloff caused by fears that AI poses an existential threat to the industry. Rising costs from the U.S. and Israeli war with Iran have also threatened to hurt demand for its products from businesses. The Toronto-listed shares of the company have lost over 27% in 2026, as of last close. However, the buyback announcement sent Shopify's U.S.-listed shares up about 1.5% in extended trading. "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," CFO Jeff Hoffmeister said in a statement. As of June 1, Shopify has repurchased about $1.45 billion under its current buyback authorization, the company said. (Reporting by Pritam Biswas in Bengaluru; Editing by Shreya Biswas)

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On June 9, 2026, the tech-heavy Nasdaq Composite plunged 2.17%, losing more than 560 points as AI and semiconductor stocks extended their sell-off.