Shopify expands share buyback program by $3 billion

June 2 (Reuters) - Shopify ‌said on ​Tuesday ​its board had approved an additional $3 billion share buyback program, bringing the ‌Canadian e-commerce company's total repurchase authorization to $5 ⁠billion.

The move comes a month after the company's lukewarm ‌forecast failed to stem ‌investor worries about disruptions from artificial intelligence.

Shopify's shares have taken a beating this year in ​a software selloff caused by fears that AI poses an existential threat to the ⁠industry.

Rising costs from the U.S. and Israeli war with Iran have ​also threatened to hurt demand for its products from businesses.

The Toronto-listed shares of ​the company have lost ‌over 27% in 2026, as of last close. However, the buyback announcement ⁠sent Shopify's U.S.-listed shares up about 1.5% in extended trading.

"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," CFO Jeff Hoffmeister said ‌in a statement.

As of June 1, Shopify has ⁠repurchased about $1.45 billion ‌under its current ​buyback authorization, the company said.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shreya ‌Biswas)

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