Shopify Stock Rises After Hours As Recovery Signs Emerge From Cyber Monday Meltdown

• In an update on Monday afternoon, the company said it is seeing signs of recovery for admin and POS login issues after deploying a fix for login issues at around 12:20 EST.
• Later in the evening at around 17:00 EST, the company reiterated that they are continuing to monitor the recovery of the issue and will update once it has new information.
• For Shopify, the outage coincided with Cyber Monday, a day of online sales that falls on the Monday after the U.S. Thanksgiving weekend.    

Shares of Shopify (SHOP) edged up 0.6% in after-hours on Monday as signs of recovery followed its Cyber Monday outage, even as the stock had closed the regular session down 6%.

The Canadian e-commerce company said on Monday morning  at around 9:47 EST that merchants may experience issues when trying to login to Shopify and also when logging into point-of-sale systems or attempting to contact support. A point of sale, or POS, is a system used to process transactions and accept payments in person.

Company Deploys Fix Over Hours

In an update on Monday afternoon, the company said it is seeing signs of recovery for admin and POS login issues after deploying a fix for login issues at around 12:20 EST.

“We have found and fixed an issue with our login authentication flow, and are seeing signs of recovery for admin and POS login issues now. We are continuing to monitor recovery,” the company said in an update at 14:31 EST.

Later in the evening at around 17.00 EST, the company reiterated that they are continuing to monitor the recovery of the issue and will update once it has new information.

According to data from Downdetector, Shopify outage reports touched a high of over 4000 on Monday morning around 11:00 am EST before tapering down through the day.  

For Shopify, the outage coincided with Cyber Monday, a day of online sales that falls on the Monday after the U.S. Thanksgiving weekend. On Black Friday, the company’s global sales had hit $6.2 billion, up 25% from last year.                                          

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around SHOP stayed within the ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘low’ levels.

A Stocktwits user highlighted that the day was one of their biggest revenue reaping ones. “I wonder how big the hit will be to the bottom line,” they wrote.

SHOP stock has gained over 40% this year and by about 32% over the past 12 months. 

Read also: Instagram Chief Wants Staff To Return To Office Full Time: Report

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