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Shopify beats quarterly revenue estimates on AI boost
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Shopify beats quarterly revenue estimates on AI boost
Aug 7, 2024 4:31 AM

(Reuters) -Shopify ( SHOP ) beat analysts' estimates for quarterly revenue on Wednesday, as the Canadian company's artificial intelligence-powered tools helped pull in more merchants to its e-commerce services, sending its U.S. shares up 15% in premarket trading.

The company, which helps small and medium businesses build an online store and also sell, has been rolling out AI-enabled features and in June increased the availability of such tools, including the Sidekick assistant and image-generation feature.

Early in June, Shopify ( SHOP ) launched its biggest shopping event this year, the Shop Week, which included cash backs and offers from over a thousand brands.

The company reported second-quarter revenue of $2.05 billion, compared with analysts' average estimate of $2.01 billion, according to LSEG data.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Sriraj Kalluvila)

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