Shopify beats revenue estimates on AI boost

TORENTO, Aug 08 (Reuters): Shopify beat analysts' estimates for second-quarter revenue and forecast an upbeat current quarter as its e-commerce services attracted more merchants following the launch of AI-enabled tools, sending its US shares up 17 per cent before the bell.
The Canadian company, which helps small and medium businesses build an online store and also sell, has been rolling out artificial intelligence-powered features and in June increased the availability of such tools.
"More and more merchants across the world are putting their trust in Shopify's unified commerce operating system to fuel growth and simplify complex operations," company President Harley Finkelstein said in a statement on Wednesday.
Shopify reported a 21 per cent jump in second-quarter revenue to $2.05 billion, compared with analysts' average estimate of $2.01 billion, according to LSEG data.
Early in June, Shopify launched its biggest shopping event this year, the Shop Week, which included cash backs and offers from over a thousand brands.