Shopify expands its stock buyback program to $5 billion

Glonghui June 3 — The board of directors of Canadian e-commerce company Shopify has approved an additional $3 billion share buyback plan, bringing its total buyback authorization to $5 billion. As market concerns about artificial intelligence posing an existential threat to the industry have triggered a sell-off in software stocks, Shopify has fallen by more than 27% so far this year. In addition, the US-Iran conflict has led to rising costs, also threatening corporate demand for its products. The company's Chief Financial Officer Jeff Hoffmeister stated in a statement: "Stable operating cash flow, a balance sheet positioned for long-term growth, and strong performance quarter after quarter — these enable us to prioritize the development of products that drive merchant success while returning capital to shareholders, especially during periods of market volatility."