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Shopify (SHOP) reported $6.2 billion in Black Friday gross merchandise volume, up 25% year-over-year. Amid a big run-up in 2025, Shopify stock fell on Monday as analysts mulled the Black Friday e-commerce report.
"We expect a slight negative reaction with the reported pace of sales tracking below consensus Q4 GMV growth expectations (28% yar-over-year," said Oppenheimer analyst Ken Wong in a report. But Truist analyst Terry Tillman had an upbeat view.
"With the strong results on Friday alone and considering Cyber Monday is typically a bigger selling day online, we suspect Shopify will blow through last year's Cyber Week results," Tillman said in a report. "Also, this type of well above 20% sales growth reported by Shopify will likely continue a multi-year trend of the Shopify merchant community growing easily over two times the overall e-commerce market during Cyber Week."
On the stock market today, Shopify stock fell more than 3% to 152.27 in early trading.
At Deutsche Bank, analyst Bhavin Shah said the Black Friday results "put the company on track to achieve Q4 GMV expectations."
"Based on current consensus estimates, Black Friday would comprise of 5.2% of the quarter's GMV, compared to the prior two years of 5.3% and 5.5%, which we see as reasonable," he added.
Shopify Stock Technical Rating
As of Friday's market close, Shopify stock had advanced 47% in 2025.
Shopify stock holds a Composite Rating of 90 out of a best-possible 99, according to IBD Stock Checkup.
FuShopify sets up e-commerce websites for small businesses, and partners with others to handle digital payments and shipping. Shopify has expanded partnerships with Affirm Holdings (AFRM), PayPal Holdings (PYPL) and Google-parent Alphabet (GOOGL).
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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