Shopify stock soars after company launches AI tools, slashes expenses

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Shopify shares surged more than 20 per cent in early trading on Thursday after the company reported quarterly earnings that surpassed analyst expectations.

) shares surged more than 20 per cent in early trading on Thursday after the company reported quarterly earnings that surpassed analyst expectations. ) shares surged more than 20 per cent in early trading on Thursday after the company reported quarterly earnings that surpassed analyst expectations.

Shopify's shares on the New York Stocks Exchange jumped more than 22 per cent on Thursday. The stock was trading at $59.96 at 10:25 a.m. ET, an increase of nearly 23 per cent compared to Wednesday's close. Shopify also recently launched AI-powered tools, such as the Shopify Magic suite and app Sidekick, to stay ahead in the hyper-competitive e-commerce business.

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Western companies exiting Russia must sell assets in rubles or else face delays and perhaps losses to transfer dollars or euros abroad.Potash prices have been falling after shipments from Belarus and Russia resumed. Demand for fertilizers was also weak during much of the year, analysts have said, as farmers waited for prices to settle down. Potash prices averaged $250 per tonne during the reported quarter, the company said, compared with $633 per tonne a year earlier.

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