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Shopify Board Approves Expanding Share Repurchase Program to US$5 Billion

Shopify (SHOP.TO, SHOP) rose 1.1$ in after-hours Nasdaq trading after the company on Tuesday said its board approved an additional US$3 billion share buyback authorization, increasing the company's total repurchase program to US$5 billion.As of June 1, Shopify had already repurchased about US$1.45 billion worth of shares under its existing authorization, according to the statement."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, Chief Financial Officer Jeff Hoffmeister said.The company said it will continue buying back shares through pre-arranged trading programs and may make purchases in the open market or through private transactions. Shopify added that the program does not require it to repurchase a specific number of shares and can be changed, suspended, or ended at any time.The company's shares were last seen up US$1.30 to US$117.01 after hours. They closed down C$9.72 to C$161.95 on the Toronto Stock Exchange.

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