Shopify's second-quarter results were much better than expected
Shares of Shopify (NYSE:SHOP) are surging 20.9% to trade at $149.07 after the company reported second-quarter earnings, revenue, and operating profit that beat analyst expectations. Adjusted earnings of 42 cents per share surpassed estimates of 40 cents, while revenue of $3.58 billion reflected year-over-year growth of 34%. President Harley Finkelstein called it a "monster quarter."
The shares are pacing up toward their mid-January highs and recouping some of their annual losses, having shed 10% for the year. Should these gains hold, SHOP could mark its best daily pop since a 27.9% rise in August 2025.
Options traders are piling on the stock. So far, 46,000 calls and 29,000 puts have changed hands, six times the average options volume typically seen at this point. Seeing the most attention are the weekly 8/7 150- and 160-strike calls, with new positions opening at both.
Options bears will be disappointed today. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SHOP's 10-day put/call volume ratio of 1.30 ranks higher than 92% of readings from the past year, while its 50-day put/call volume ratio of 1.15 sits higher than 98% of annual readings, showing puts being picked up at a much faster-than-usual clip.