Oppenheimer analyst Ken Wong notes Shopify (SHOP) announced $6.2B of merchant sales through Black Friday, which represented 25% year-over-year growth. Oppenheimer expects a slight negative reaction with the reported pace of sales tracking below consensus Q4 gross merchandise value growth expectations. Investor sentiment was elevated into Black Friday Cyber Monday with alternative data projections trending about 10pts above Street in the weeks prior, offset by expectations of earlier holiday spending. The firm plotted the tally of BFCM sales per minute displayed on Shopify’s Live Globe over the weekend in an attempt to forecast weekend GMV. Oppenheimer’s proprietary analysis of Shopify’s Live Globe sales suggests that through Sunday, Shopify growth likely inched down slightly to about 23%, with only Monday remaining.
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