Shopify's board approved an additional $3B share buyback authorization, bringing its total repurchase program to $5B, with the stock rising about 1.1% in after-hours trading. As of June 1, the company had already repurchased roughly $1.45B worth of shares under its existing authorization. CFO Jeff Hoffmeister tied the move to Shopify's consistent operating cash flow and strong quarterly results, saying they let the company return capital to shareholders, “especially during periods of market volatility,” while still investing in merchant-focused products. The program doesn't obligate Shopify to buy a set number of shares and can be changed, suspended, or ended at any time.
