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)
