1426 ET - Shopify's Black Friday and Cyber Monday numbers seem to be in line with the quarter's consensus estimates, according to TD Cowen's Daniel Chan in a research note. The analyst says that since the pandemic, holiday shopping promotional activity has started earlier, so less consumer spending has been concentrated in the 4-day BFCM period. He thinks that if this year's BFCM spend is in line with the past four years at 12.4%, it implies 4Q/24 gross merchandise volume of $93 billion, or 24% year-over-year growth, which in line with current consensus estimates, but slightly below TD's own estimate of $93.9 billion, or 25% year-over-year growth. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 14:26 ET (19:26 GMT)
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