Canada's Shopify forecasts quarterly revenue above estimates

Aug 5 - Canada's Shopify projected current-quarter revenue growth above Wall Street estimates on Wednesday, signaling the company's AI efforts were drawing more merchants to its suite of e-commerce services and driving broader consumer demand. The upbeat forecast coupled with second-quarter revenue that beat estimates pushed U.S.-listed shares of Shopify up more than 15 per cent in premarket trading. The stock had fallen more than 23 per cent so far this year, as of last close. While geopolitical tensions and gas price spikes resulting from the Iran war have put a strain on shopping budgets, consumers have still shown resilience thanks to a strong labor market and continued wage growth. Through its partnerships with OpenAI, Google and Microsoft, Shopify has also been able to drive consumer